Republican presidential candidate and former U.S. president Donald Trump faces trial on charges that he falsified business records to hide money he paid to hush porn star Stormy Daniels in 2016. , gesturing as they arrive at Trump Tower. April in New York City, USA. 19th, 2024.
Eduardo Muñoz | Reuters
former president donald trump received Another 36 million shares Trump Media Technology Group Friday, according to a new disclosure filed Tuesday with the Securities and Exchange Commission.
The shares were part of a contractual “earn-out bonus” agreed to by Trump’s eponymous media company just before it went public in March.
At Tuesday’s closing price of $49.93, Trump’s newly awarded stock is worth about $1.8 billion, but Trump is prohibited from selling the stock until a six-month lock-up period ends. There is.
The additional shares bring the total value of Trump’s newly public company to 114,750,000. At Tuesday’s closing price, the paper value was more than $5.7 billion.
Trump Media’s stock has soared 50% in the past seven days, a windfall for Trump after weeks of plunging since its listing on the Nasdaq on March 26.
The stock was transferred to Mr. Trump as a reward for keeping the stock price above $17.50 for 20 consecutive business days.
The deal was originally written with three benchmarks over 36 months and grants of 9 million shares at a time. But the stock price was never at significant risk of missing out on any of them, so all three tranches, a total of 36 million shares, were granted at once.
Trump Media representatives declined to confirm or deny whether Trump would be awarded the stock when contacted by CNBC last week, but Tuesday’s simple filing serves as confirmation.
The former president is already the company’s largest shareholder, a social media platform created to cater to Trump and his supporters after he was banned from Facebook following the January 6, 2021 attack. I own the “Truth Social” app. At the Capitol.
