Richest Australian Gina Rinehart boosts bet on Trump’s Truth Social

[WELLINGTON] Gina Rinehart, Australia’s richest person, saw her US stock portfolio increase in value by more than US$600 million in the second quarter, as she boosted her bet on US President Donald Trump’s social media platform Truth Social.

Rinehart’s closely held Hancock Prospecting held a portfolio of US-traded stocks and exchange-traded funds worth about US$3.1 billion as at Jun 30, according to a regulatory filing. Notably, it increased its holdings of Trump Media & Technology Group, which operates Truth Social, by 67 per cent in the three-month period.

The entrepreneur, who made her fortune from developing massive iron ore deposits in Western Australia, is worth US$27 billion, according to the Bloomberg Billionaires Index. The 71-year-old is an outspoken supporter of Trump, and has urged Australia’s government to implement similar policies. Her holdings in Trump Media & Technology are now worth about US$4.5 million.

Rinehart saw her wealth boosted by the performance of rare earth producer MP Materials and broad market-tracking funds. She increased her investment in Teck Resources.

The billionaire also revealed a new 3.7 per cent position in Hudbay Minerals, a mining company that produces copper, gold and silver, along with uranium exploration company NexGen Energy, Dell Technologies and Nvidia. BLOOMBERG