Trump’s newfound wealth hinges on winning the election

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Subscribe to enjoy similar stories. Donald Trump’s businesses are as volatile as ever, but he is on firmer financial footing than he has been in recent years. Compared with 2020, however, victory or defeat in this year’s election will have more significant implications for the former president’s wealth, as well as his legal situation.

The biggest difference for Trump this time, is his roughly $4 billion stake in Trump Media & Technology Group, which operates Truth Social, his money-losing social-media platform. The staggering sum is ephemeral, driven up by enthusiastic traders, and could be vaporized if he loses in November. Trump hasn’t tapped his stake in the company, which he could have used to fund his campaign.

Truth Social’s shares have soared recently in a bet that he will win the election. “If he loses, I think this thing goes to zero," said Matthew Tuttle, chief executive of Tuttle Capital Management, who has invested in Trump Media for his own account. Thanks to the value of Truth Social, the improved performance of the Trump Organization’s string of golf properties and its strong cash position, Trump’s net worth is the highest it has been in years.

The Wall Street Journal estimates it at between $7.5 billion and $10 billion, including debt, more than double what it was in 2020 and 2016. Trump’s big gains in the stock market have more than offset losses in the value of his real-estate holdings. The total value of his largest three office assets, not including debt, have declined from about $1.2 billion in 2016 to about $750 million today, according to a Journal analysis.

The properties have been hit by one of the worst U.S. office downturns in decades. One of Trump’s trophy office assets, the 63-story tower at