WINNING BIG

Trump’s Victory Just Made Him Radically Richer

The president-elect’s stake in Trump Media & Technology Group, which owns Truth Social, rocketed in value.

If you’re looking to get rich you might want to consider running for president. Donald Trump’s shock election victory Tuesday saw stock in his Trump Media & Technology Group, which owns Truth Social, spike by roughly 35 percent, with his 114.75 million shares skyrocketing to $5.3 billion in premarket trading—up from $3.9 billion at close of markets on Election Day. Trading of the stock was halted three times after the market open on Wednesday, with the shares still up around 16 percent when stopped for the third time. That would value Trump’s stake in the company at $4.6 billion if the 16 percent hike were to hold throughout the day. Matthew Tuttle, CEO of Tuttle Capital Management, told CNN it’s hardly surprising to see this sort of surge given how often the stock has been used by traders wagering on a Trump win. Shoring up profits in the longer run, meanwhile, will take some further finessing, being as the company itself has little revenue, and that Truth Social holds only a tiny share of the overall social media market. “The magnitude of his victory helps, but longer term they need to come up with some sort of strategy,” Tuttle said.

The Daily Beast Podcast episodes are released every Thursday. Like and download on Spotify, Apple Podcasts, YouTube, or your favorite podcast app. And click here for email updates as each new episode drops.