Donald Trump is now richer than George Soros — and on track to overtake Mark Cuban


donald trump

Donald Trump just got a lot richer.Andrew Harrer/Getty Images

  • Donald Trump’s net worth has jumped $4 billion this year to $7.2 billion, per Bloomberg’s rich list.

  • The former president is richer than George Soros and set to surpass Mark Cuban and George Lucas.

  • Trump will welcome the wealth gain as he prepares to hand over a $175 million bond.

Donald Trump is now richer than George Soros — and is set to overtake Mark Cuban too.

The former president’s net worth has soared by more than $4 billion this year to an estimated $7.2 billion, per the Bloomberg Billionaires Index.

Trump ranked 377th on the rich list at Tuesday’s market close, above the likes of Netflix cofounder Reed Hastings ($6 billion), oil-dynasty heir Gordon Getty ($6.2 billion), and Home Depot cofounder Bernie Marcus ($6.9 billion).

The real estate tycoon’s wealth has soared thanks to his 78.75 million shares, or at least 58% stake, in Trump Media & Technology Group, which merged with Digital World Acquisition Corp. on Monday and began trading under the ticker DJT on Tuesday.

TGMT stock ended the day up 16%, valuing Trump’s stake at $4.6 billion. It leaped another 16% to $67 in premarket trading on Wednesday. If that gain holds, Trump’s position will be worth about $5.3 billion, lifting his overall wealth to about $7.9 billion.

A net worth of that magnitude would rank him above not just Soros ($7.2 billion) and Cuban ($7.3 billion) on the Bloomberg list, but also venture capitalist John Doerr ($7.4 billion), fashion heiress Miuccia Prada ($7.4 billion), and Lululemon founder Chip Wilson ($7.5 billion).

Miuccia Prada Outstanding Achievement Award 2018

Miuccia Prada.Mike Marsland/Getty Images

Trump would also be nipping at the heels of New England Patriots owner Robert Kraft, Russian oil magnate Roman Abramovich, and Star Wars creator George Lucas, each of whom was worth under $8.3 billion at Tuesday’s close.

The presumptive GOP presidential nominee will surely be thrilled by his soaring net worth. He’s been scrambling to find the money to cover a recent $454 million judgment against him in a New York fraud case.

Trump has appealed the ruling, but still has to secure a $175 million bond in the next few days, as an assurance to the court that he’ll pay the full amount if he loses his appeal.

TMTG, Truth Social’s parent company, officially has a “lock up” period that bars its bosses from selling shares for the next six months. But its board, which includes Donald Trump Jr., has the power to waive or reduce the waiting time before Trump can cash out.

Whatever happens, it’s striking to see Trump shooting up the billionaire rankings just when he seemed to be in serious financial trouble.

Read the original article on Business Insider



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