nearly half a billion dollars over her farcical anti-fraud crusade, the former president was handed two lifelines. First, an appeals court massively slashed Teflon Don’s required payment to a $175 million bond. Second, and perhaps more consequentially, the first Trump property in almost 30 years went public, with Trump Media & Technology Group trading on the Nasdaq composite under the ticker $DJT.
In its first day of trading, TMTG stock closed at 16% higher than its opening position, with a total market capitalization of about $8 billion. Given Trump’s 60% stake in the company, Trump’s personal net worth nearly doubled, catapulting the Republican, whose vast real estate holdings previously comprised the bulk of his wealth, towealthiest 500 billionaires list for the first time in his career.
Ironically enough, the media meltdown over Truth Social’s valuation highlights not just the limitations of the legal warfare against Trump’s businesses, but also why James’s case was economically egregious in the first place. But just as Trump voters will crawl over broken glass to vote for him, even at the expense of down-ballot candidates who fail to toe the MAGA line, Truth Social’s users and investors are true believers. The product is fine — since Elon Musk purchased Twitter, it’s hard to argue that Truth Social’s user interface is any worse than the former social media giant — but the meaning of the investment is its momentum.
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