(ProsperNews.net) – Donald Trump has become one of the world’s wealthiest people following the completion of a merger involving his Trump Media and Technology Group (TMTG). The merger with Digital World Acquisition Corp. will net around $3.8 billion for Donald Trump, who owns 58% of the company that will trade on the Nasdaq under the sticker symbol DJT.
The newly acquired billions are held for six months, during which time Mr. Trump cannot sell shares or use them as collateral. The former President can potentially have that requirement waived, however, and use the funds to back an appeal bond in the fraud judgment against him in New York.
The merger catapults Donald Trump into the world’s richest 500, bringing his overall wealth to $6.4 billion. The financial boost comes just after Judge Arthur Engoron found the former President guilty of over-inflating his assets and ordered him to pay a fine of over $464 million to a New York court. Likewise, Mr. Trump must pay $83 million to author E. Jean Carroll after a jury on a separate civil case, also in New York, found him liable for abusing and defaming her.
Mr. Trump had more good luck on March 25 when the New York Appellate Court agreed to pause the fraud penalty and allow him to pay $175 million to stop the clock and prevent the seizure of his assets. The judgment that neither he nor his sons could conduct business in the Empire State for three years was also overturned. Trump praised the decision but continued his attacks on Engoron, whom he dubbed a “disgrace.”
New York Attorney General Letitia James, who instigated the fraud case against Trump, quickly reminded him that the initial ruling still stands. James prompted accusations of unprofessionalism when she said she looked closely at Trump’s New York real estate empire “each and every day.” She also posted a ticking clock on social media, tracking rising interest on the enormous fine.
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