WASHINGTON (AP) — Former President Donald Trump has secured an additional $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 Wednesday morning’s stock 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.
Trump, the presumptive Republican presidential nominee, now owns close to two-thirds of the company’s outstanding shares.
Trump Media & Technology Group shares have surged in the past couple of weeks and closed Tuesday at $49.93. Trump only needed the stock to be above $17.50 each for 20 consecutive trading days to secure the new shares.