“America’s billionaire-in-chief” has more than doubled his fortune in the past year, according to Forbes’ “Billionaires List” released Tuesday.
President Donald Trump has seen a significant increase in his fortune, with his total net worth rising from $2.3 billion to around $5.1 billion in just one year.
Now, amid tariff announcements that could significantly affect the global economy, Trump officially sits at 700th spot on the “Billionaires List,” while his right hand man and Tesla CEO, Elon Musk, reclaimed the number one spot that had been snagged from him last year by LVMH CEO Bernard Arnault.
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This second Trump presidency has seen some of the most important branches of government get infiltrated by the millionaires and billionaires in Trump’s inner circle.
The current administration is made up of more than ten billionaires and spouses of billionaires, most notably the richest man in the world Elon Musk, whose net worth came in at about a whopping $342 billion on the “Billionaires List.”
Trump’s victory in November greatly helped boost Musk’s already exorbitant fortune. The $147 billion increase is mainly thanks to SpaceX, his AI firm xAI, and Tesla, the latter of which has faced a recent stock market sell-off but is still managing to trade higher than last year, according to Forbes.
But how did Trump’s fortune reach such new heights in only a year?
The president’s Trump Media & Technology Group (TMTG) went public in March of last year and after a bit of a slump has recently begun seeing surges in its stock.
The company trades under the ticker symbol DJT, which are the president’s initials, and is also the parent company of Truth Social.
The value of TMGT’s stock fluctuates based on the country’s political climate and on public comments made by the president.
The company’s stock spiked right before Trump’s 2024 election victory and on January 13 of this year, only days before his inauguration, Forbes reported that Trump’s net worth increased by more than $865 million. This happened to coincide with a more than 20 percent jump in Trump Media’s share price.
In December, Trump transferred around $114.75 million of his shares in the company to the Donald J. Trump Revocable Trust, making his son, Donald Trump Jr., the sole trustee.
Before stepping into his role at the White House, Trump also made a move into the cryptocurrency world by launching TrumpCoin. His family also took control of World Liberty Financial, claiming 75 percent of net revenues of its token sales.
