(MENAFN) According to a report by Bloomberg, former United States President Donald Trump has surpassed billionaire financier George Soros in wealth, following the successful debut of his social media company on Nasdaq. Trump's net worth has seen a remarkable increase of over USD4 billion this year, reaching an estimated USD7.8 billion, as per the Bloomberg Billionaires Index.
Trump's ascent on the wealth rankings places him at 328th position, while Soros, aged 93, currently stands at 375th with an estimated net worth of USD7.2 billion. Despite Soros's renowned status as a hedge fund manager, particularly noted for his role in the 1992 currency crisis by shorting the British pound, Trump's recent financial gains have propelled him ahead.
Furthermore, Trump's newfound wealth positions him above notable figures such as entrepreneur and 'Shark Tank' star Mark Cuban, Home Depot co-founder Bernie Marcus, oil-dynasty heir Gordon Getty, and Netflix co-founder Reed Hastings. The substantial increase in Trump's net worth is attributed primarily to his 58 percent stake in Trump Media & Technology Group, which recently made its public debut after merging with Digital World Acquisition Corp.
The launch of Trump Media stock, with its ticker symbol corresponding to the former president's initials, garnered significant attention, witnessing a nearly 60 percent increase in value during the initial trading period. However, Trump's financial success comes amidst mounting legal challenges, with hundreds of millions of dollars in legal fees and penalties stemming from various lawsuits. Trump has consistently denounced these legal battles as baseless and politically motivated.
The surge in Trump's wealth underscores the impact of his ventures beyond the political realm and highlights the evolving landscape of media and technology. Despite facing legal hurdles, Trump's financial fortunes have experienced a notable upswing, signaling a new chapter in his post-presidential endeavors.
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