Trump's Net Worth Doubles

There was good and bad but overall, Monday was a great day for Donald Trump and, as Bloomberg reports, "the single-greatest day on record for the former president's wealth." In merging his social media company Trump Media and Technology Group with Digital World Acquisition Corp., Trump took ownership of 58% of DWAC, which is to begin trading under the ticket DJT on Tuesday. DWAC shares jumped 20% Monday, closing around $50, meaning Trump's stake in the company is valued at $3.9 billion, Bloomberg reports. That raises Trump's net worth to $6.5 billion and puts him for the first time on the Bloomberg Billionaires Index, the list of the world's 500 wealthiest people, though he's unable to sell his shares for six months.

There are reasons to be cautious. "Experts warn that the market is overvaluing Trump Media given the company's fundamentals," CNN reports. It pulled in just $3.4 million in revenue in the first nine months of last year while posting a net loss of $49 million. It's also failing to retain users, with US monthly active users on iOS and Android down 39% year-over-year. But "there are definitely people who like Trump and want to support him. They're probably buying the stock," Kristi Marvin of SPACInsider tells Time. "And there's probably other people thinking: If he wins the presidency, who knows?" Basically, there's some hope that if Trump retakes the White House, his social media site Truth Social would receive a boost. (More Donald Trump stories.)