Former President Trump Awarded 36 Million More Trump Media Shares Worth $1.8 Billion After Hitting Price Benchmarks
May 1, 2024 9:38AM PDT
The Truth Social account for former President Donald Trump is seen on a mobile device, Wednesday, March 20, 2024, in New York. Trump’s Truth Social looks set to hit Wall Street in a move that could give him stock worth billions of dollars on paper. But the former president likely can’t cash it out right away, unless some things change. (AP Photo/John Minchillo)
WASHINGTON (AP) — Former President Donald Trump has secured another $1.8 billion worth of shares in Trump Media, according to a regulatory filing this week.
Based on the company’s stock hitting certain price benchmarks, Trump was awarded an additional 36 million shares in the company that owns his social media platform Truth Social.
That brings his total ownership to more than 114 million shares, which based on Tuesday’s closing price, are worth $5.7 billion.
For now, the value of those shares is considered “paper wealth.”
Trump is prohibited from selling any shares for six months after Trump Media went public without securing a waiver from the company’s board.
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