Donald Trump’s net worth hits US$6.5 billion, making him one of world’s 500 richest people

DONALD Trump’s business empire was supposed to be in peril like never before on Monday (Mar 25). Instead, it turned into the single-greatest day on record for the former president’s wealth.

Facing a deadline to post a bond of more than US$500 million in a New York fraud lawsuit, a state appeals court tossed him a lifeline, slashing the amount he would have to post to US$175 million – an amount he says he will cover. Around the same time, his social media company Trump Media & Technology Group wrapped up a 29-month-long merger process, meaning shares worth billions of US dollars on paper are now officially Trump’s.

All told, his net worth increased by more than US$4 billion. That means for the first time ever, Trump joined the ranks of the world’s wealthiest 500 people on the Bloomberg Billionaires Index, with a fortune of US$6.5 billion.

“We have a great company and are incredibly honoured,” Eric Trump, executive vice-president of the Trump Organization, said.

Trump, 77, has been rich all his life. But his fortune, which previously peaked at US$3.1 billion, has largely consisted of real estate properties, creating a potential financial crisis ahead of Monday’s deadline to either pay his US$454 million verdict or post a bond for 120 per cent of the judgment. New York attorney general Letitia James signalled she was ready to seize assets if Trump did not comply.

Trump vowed to quickly post cash or a bond to cover the lowered amount. As it stands now, he cannot cash in on his windfall from Trump Media’s merger with Digital World Acquisition Corp (DWAC) because his shares are locked up for roughly six months.

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DWAC shares closed at US$49.95 Monday, up about 185 per cent since the start of the year. That values Trump’s 58 per cent stake in the company at US$3.9 billion. (It is expected to start trading under the ticker DJT on Tuesday.)

The completion of the merger, which overcame hurdles including an investigation and settlement with the US Securities and Exchange Commission and last-minute lawsuits from executives and investors, means the shares are now included in Bloomberg’s calculation of Trump’s net worth. Previously, his stake had been valued at just US$22.5 million, based on his most recent financial disclosure form.

His revised fortune makes Trump, who is campaigning to return to the White House, worth on paper about the same as Joe Ricketts, Gordon Getty and Tony James, according to the Bloomberg wealth index. BLOOMBERG