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Donald Trump’s business empire was supposed to be in peril like never before on Monday. Instead, it turned into the single-greatest day on record for the former president’s wealth.
Shares of the blank-check company merging with former president Donald Trump’s social media startup surged 35% Monday, after the combined firm announced it is set to begin trading Tuesday.
All told, his net worth increased by more than $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 $6.5 billion.
“We have a great company and are incredibly honored,” Eric Trump, executive vice president of the Trump Organization, said in a statement.
DWAC shares closed at $49.95 Monday, up about 185% since the start of the year. That values Trump’s 58% stake in the company at $3.9 billion. (It’s 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 $22.5 million, based on his most recent financial disclosure form.