On Monday, Donald Trump's commercial empire was in unprecedented danger. The former president's fortune reached a historic high on that day.
A New York fraud lawsuit required him to post a bail of almost $500 million, but a state appeals court reduced it to $175 million, which he says he will pay. Trump's social media company Trump Media & Technology Group completed a 29-month merger, giving him billions of dollars in shares.
His net worth rose above $4 billion. With $6.5 billion, Trump joined the Bloomberg Billionaires Index's top 500 for the first time.Mr. Trump, 77, has always been wealthy. His fortune, which peaked at $3.1 billion, has mostly comprised of real estate investments, which he and his company inflated by billions of dollars a year for over a decade to achieve better credit terms.
His illiquid riches threatened a financial disaster before Monday's deadline to pay his $454 million verdict or post a bond for 120% while he appeals. New York Attorney General Letitia James threatened to seize assets if Trump didn't cooperate.
Trump promised to promptly post cash or a bond to pay the reduction. Since his shares are locked up for six months, he can't cash in on Trump Media's merger with Digital World Acquisition Corp.
DWAC shares finished Monday at $49.95, up 185% year-to-date. Trump owns 58% of the corporation, worth $3.9 billion.
The shares are now part of Bloomberg's calculation of Trump's net worth after the merger survived an SEC inquiry and settlement and last-minute lawsuits from executives and investors. His last financial disclosure form put his interest at $22.5 million.
According to the Bloomberg wealth index, which has calculated Trump's net worth since 2015, his updated fortune puts him in the same league as Joe Ricketts, Gordon Getty, and Tony James.
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