Trump's personal wealth is booming - The reason is the increase in the shares of his media company!
The parent company of Trump's social networking site, Truth Social, lost $19.2 million (17.83 million euros) in the latest quarter, according to an earnings report released on the day he was re-elected as the next president of the United States.
Trump created the company after being banned from Twitter and Facebook following the Capitol riots on January 6, 2021. Despite the poor results, the company's stock price rose on Wednesday. The stock price became so volatile on Wednesday that the Nasdaq had to halt trading in TMTG shares.
At one point the stock was priced at more than $45, though it later cooled and settled below $36 by the end of trading. The closing price puts TMTG's market capitalization at $7.2 billion (€6.69 billion). Trump's majority stake, 58.9% in the company is worth about $4.1 billion (up from $3.9 billion as of Tuesday's close).
According to Forbes, Donald Trump's net worth was $5.6 billion (€5.2 billion) just before the election, and his most valuable asset, his stake in Truth Social's parent company, was worth $3.5 billion (€3.25 billion) on 4 november
However, the rise in TMTG's stock increased the value of his 57% stake in the company. He has 114.75 million shares that he now owns worth 4.1 billion dollars (3.8 billion euros). Part of the gain was due to a rise in the share price the day before, but according to Forbes calculations, the President-elect saw the value of his stake in the company increase by almost $300 million (€270 million) that day. when he was elected to become the 47th president of the United States.
According to this calculation, Donald Trump is worth about $6.2 billion (€5.76 billion) the morning after Election Day. The wild swings in Trump Media's stock, along with its declining revenue and losses, dampen interest in the stock for Donald Trump's success or failure.
However, as the Telegraph reported, it's possible that the stock may also have been boosted by speculation that Elon Musk's X could eventually buy the company.
Trump Media and Technology Group reported on Tuesday that the bulk of its $19.2 million (€17.85 million) loss came from more than $12 million (€11.16 million) in legal fees, along with a decline in income.
Revenue for the three-month period ended September 30 was just over $1 million (€930,000), down nearly 6% from a year ago. Trump Media, based in Sarasota, Florida, has lost more than $363 million (€337 million) so far this year.
Trump Media said some of its costs are related to the launch of its new streaming TV service called Truth+. CEO and former Republican U.S. Rep. Devin Nunes said in a statement that the company "continues to explore additional growth opportunities" such as mergers with other companies that would "benefit from Trump Media's technology and brand."
The company said in a regulatory filing that its success depends in part on "the reputation and popularity of President Donald J. Trump."
Poll
Report/ Food companies sell less healthy and quality products in poorer countries!
According to a new report, the world's largest food and beverage companies sell, on average, products in low-income countries that are less healthy than......
Trump's victory and the threat of more tariffs on China!
Donald Trump's presidential victory in 2024 has raised the bar for China's fiscal stimulus plans, which are expected on Friday. In his campaign, Trump......
Trump's seven promises - The agenda includes the economy, immigration and foreign policy
Donald Trump will return to the White House after promising immediate action on issues including immigration, the economy and the war in Ukraine. He looks......
Eurosig, branch in North Mitrovica - The insurance industry "dare" to overcome the barriers raised by politics
The insurance industry dares to overcome the barriers raised by politics and geopolitics in the North of Mitrovica. The newest branch of the Eurosig......
What does the competitiveness initiative aim for? - Hackaj: We have identified the sectors where they can be positive actors in the EU
A roundtable discussion was held with participants from the Hungarian Presidency of the Council of the EU, in collaboration with the Institute for......
How will the reduction of the base rate affect the economy? - Muço: Cheaper borrowing will stimulate spending and investments
The Bank of Albania has decided to lower the base interest rate from 3% to 2.75%. But how is this expected to affect the economy? Expert Klodian Muço said......
Anti-informality, 9,000 businesses increase salaries - Revenues increase by 13 million euros. Over 37 thousand other targeted subjects
Since the launch of the anti-informality action, nearly 9 thousand businesses in the country have reacted by increasing the declaration of wages for their......
About 3.2% of the population has never attended school/ Gjirokastra and Lezha with the highest number of uneducated individuals
According to the latest data from the 2023 Census, about 3.2% of the total population in Albania has never attended school. "Scan Intel" has analyzed these......
