Donald Trump's wealth doubles in October

Topline

Former President Donald Trump's net worth has doubled this month, rising from under $4 billion in early October to $8 billion on Tuesday. This coincides with a multi-week rally by his media company Trump Media & Technology Group, which has now made him the betting favorite in the presidential election.

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

AFP via Getty Images

Important facts

Trump's net worth rose 6.3% on Tuesday – more than $400 million – to hit $8 billion, a more than two-fold increase since the end of September, when it was $3.9 billion.

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

While Trump's net worth has doubled this month, Trump Media's stock price has more than tripled in the same period (a 249.2% increase) after starting at $16.16 in October.

According to the Associated Press, Trump Media's stock increase does not appear to be related to the company's financial performance, but instead has changed with the chances of a Trump election victory, with investors noting that they are becoming more optimistic about his chances.

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tangent

The Polymarket betting platform gives Trump a 66 percent chance of winning the election. His chances have improved significantly since the beginning of the month, when he and Vice President Kamala Harris were almost tied. Most polls find Trump and Harris nearly neck-and-neck in the seven battleground states expected to decide the outcome of the election, and key election predictions suggest the race will be a duel is involved.

Important background

Trump's net worth is tied to the volatility of Trump Media shares, which are just five weeks away from their record low of $12.15. Since then, shares of Trump Media have quadrupled and soared after Trump vowed not to sell his roughly 57% stake in the company. The stock has virtually returned to the highs it hit in May and March, with last month marking Trump Media's debut on the Nasdaq.