Jim Cramer tells Donald Trump it's time for him to urge his media company's ... trends now
CNBC's Jim Cramer is urging Donald Trump to tell the board of loyalists at the helm of his new media company to give him authority to sell shares as their rising price boosts his net worth by billions.
Shares of the Trump Media & Technology Group jumped as much as 50 per cent in morning trading Tuesday as the firm made its debut on the NASDAQ, days after shareholders of the Digital World Acquisition SPAC voted through a merger.
Even before trading started Trump's net worth had jumped by an astonishing $4 billion to reach an estimated total of $6.4 billion by one analysis. The latest gains pushed his wealth even higher.
Trump said Tuesday he had 'a lot of cash,' but there has been speculation he may be in a liquidity crunch after his lawyers said he was unable to obtain a bond to pay a $454 million court judgment in his New York fraud case.
Sell! CNBC host Jim Cramer said Donald Trump should tell the board of his new company it has an 'obligation' to vote to allow him to sell shares in his new company. Trump has nine days to pay a $175 million court judgment against him in his New York fraud case
Then an appeals court slashed the amount to $175 million Monday and gave him 10 days to raise the money or get a bond, Trump said he would be 'honored' to pay it.
'Look at this – the DJT,' the Mad Money host said on air as the shares soared.
'If I were Donald Trump, it's announced [78] million shares. This is the moment where you say that you have an obligation to release more shares. And I've got shares that I'd like to release,' he advised.
Trump is blocked from selling his shares for a period of six months. But the board can vote through a waiver that would allow him to do so – which could allow him to assemble more cash to pay court judgments as he fights through appeals or even tap funds to settle some of his soaring legal costs.
'And that’s - the board can do that,' Cramer continued. 'The board can say no, but the board, I think – I'm not sure where Mr. Trump's head is, but this is a moment where he
