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Trump poised to clinch $1.3 billion social media company stock award
https://www.reuters.com/technology/trump-poised-clinch-13-billion-social-media-company-stock-award-2024-04-23/Trump poised to clinch $1.3 billion social media company stock award
By Echo Wang
April 23, 2024 6:41 AM EDT Updated 3 hours ago
April 23 (Reuters) - Donald Trump is set to secure on Tuesday a stock bonus worth $1.3 billion from the company that operates his social media app Truth Social, equivalent to about half the majority stake he already owns in it, thanks to the wild rally in its shares.
The award will take the former U.S. President's overall stake in the company, Trump Media & Technology Group (TMTG) (DJT.O), opens new tab, to $4.1 billion.
While Trump has agreed not to sell any of his TMTG shares before September, the windfall represents a significant boost to his wealth, which Forbes pegs at $4.7 billion.
Unlike much of his real estate empire, shares are easy to divest in the stock market and could come in handy as Trump's legal fees and fines pile up, including a $454.2 million judgment in his New York civil fraud case he is appealing.
[...]
By Echo Wang
April 23, 2024 6:41 AM EDT Updated 3 hours ago
April 23 (Reuters) - Donald Trump is set to secure on Tuesday a stock bonus worth $1.3 billion from the company that operates his social media app Truth Social, equivalent to about half the majority stake he already owns in it, thanks to the wild rally in its shares.
The award will take the former U.S. President's overall stake in the company, Trump Media & Technology Group (TMTG) (DJT.O), opens new tab, to $4.1 billion.
While Trump has agreed not to sell any of his TMTG shares before September, the windfall represents a significant boost to his wealth, which Forbes pegs at $4.7 billion.
Unlike much of his real estate empire, shares are easy to divest in the stock market and could come in handy as Trump's legal fees and fines pile up, including a $454.2 million judgment in his New York civil fraud case he is appealing.
[...]
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