WASHINGTON — Former President Donald Trump has secured an additional $1.6 billion worth of shares in Trump Media, according to a regulatory filing this week.
For now, the value of those shares is considered “paper wealth.” Trump is prohibited from selling any shares for six months after Trump Media went public without securing a waiver from the company’s board. Trump Media & Technology Group shares have surged in the past couple of weeks and closed Tuesday at $49.93. Trump only needed the stock to be above $17.50 each for 20 consecutive trading days to secure the new shares.Trump Media got its place on the Nasdaq after merging with a company called Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. These type of mergers offer young companies quicker and easier routes to getting their shares trading publicly.
Less than a week after that flashy stock market debut, Trump Media disclosed that it lost nearly $58.2 million last year, sending its stock tumbling more than 21%. The 2023 losses marked a stark decline compared with the profit of $50.5 million that the company reported for 2022, according to a regulatory filing.
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