Donald Trump’s Net Worth Has Doubled In October To $8 Billion As Trump Media Stock Skyrockets

1. Donald Trump’s Net Worth Has Doubled In October To $8 Billion As Trump Media Stock Skyrockets

Edit StoryForbesBusinessBreakingDonald Trump’s Net Worth Has Doubled In October To $8 Billion As Trump Media Stock SkyrocketsAntonio Pequeño IVForbes StaffPequeño is a breaking news reporter who covers tech and more.FollowingOct 29, 2024,08:23pm EDT

Former President Donald Trump’s net worth has doubled this month, increasing from under $4 billion at the start of October to $8 billion Tuesday and coinciding with a multi-week rally from his media company, Trump Media & Technology Group, as he has surged to become the betting favorite in the presidential election.

Trump's net worth reached $8 billion Tuesday. (Photo by CHARLY TRIBALLEAU/AFP via Getty Images)

Trump’s net worth jumped 6.3%—more than $400 million—on Tuesday to reach the $8 billion mark, a more than two-fold increase since the end of September, when it was $3.9 billion.

Trump is now the 357th-wealthiest person in the world, according to our real-time billionaires tracker.

The spike in the former president’s net worth came as Trump Media closed up nearly 9% on Tuesday at $51.51.

While Trump’s net worth has doubled this month, Trump Media’s stock price has more than tripled (an increase of 249.2%) in that same period of time, after starting October at $16.16.

Trump Media’s share increase does not appear to be linked to the company’s financial performance and has instead moved with the odds of Trump winning the election, according to the Associated Press, which noted investors are feeling more optimistic about his chances.

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Betting platform Polymarket is giving Trump a 66% chance to win the election. His odds have improved significantly since the start of the month, when he and Vice President Kamala Harris were nearly tied. Most polls find Trump and Harris virtually tied across the seven battleground states expected to determine the outcome of the election, and major election forecasts suggest the race is a tossup.

Trump’s net worth has been tied to the volatility of Trump Media’s stock, which is only five weeks removed from its record low of $12.15. Since then, Trump Media shares have quadrupled and surged after Trump vowed to not sell his roughly 57% stake in the company. The stock has effectively returned to the highs it recorded in May and March, the latter month of which marked Trump Media’s debut on the Nasdaq.

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