Topline
Former President Donald Trump’s net worth rose by $460 million on Friday as his media company, Trump Media & Technology Group, continued a five-week rally from last month’s low.
Republican presidential candidate, former President Donald Trump, walks out to speak at a turning point … (+)
The Washington Post via Getty Images
Key facts
Trump’s estimate net worth is up $459 million, an increase of 7.5%, bringing his net worth to $6.6 billion.
The increase coincides with a strong trading day for Trump Media, which closed up more than 11% at $38.95.
It’s unclear what has contributed to the surge in Trump Media shares, which have risen more than 30% in the past five trading days, although the gains in recent weeks have come as the former president has soared betting odds for the 2024 period increased. election, overtaking Vice President Kamala Harris as a contender.
Trump’s net worth has increased by more than $2.5 billion since mid-September, when the former president’s net worth fell along with Trump Media stock.
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Big number
More than 200%. That’s how much Trump Media shares have risen since September 23, when they hit a low of $12.15.
Tangent
Bets on gambling platform Polymarket, which favored Trump to win the 2024 elections, rose to 66% at the beginning of this week, boosting their highest level since President Joe Biden withdrew from the presidential race in July. His chances are up to 65% from Friday.
Important background
Trump’s wealth is largely tied to the performance of his media company’s shares, which have proven volatile since its initial public offering in March. The company’s stock price has more than tripled in the past five weeks, which is a boon for Trump’s fortune as he owns nearly 115 million shares worth about $4.4 billion as of Friday. Trump Media has performed well since the former president promised last month not sell his shares in the company despite a confinement period which prevented him from doing so last month.
Read more
Here’s how much Trump made by not selling his social stocks (Forbes)
Trump’s polymarket election odds are above 65% – as the site surveys big bets (Forbes)