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.

Important facts

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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 virtually tied in the seven battleground states expected to decide the outcome of the election, and key election forecasts suggest the race will be neck-and-neck -head racing is.

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.

Further reading

Trump's Polymarket Election Odds Over 65% – As Site Investigates Big Bets (Forbes)

Donald Trump's Net Worth Rises by $460 Million as Trump Media Stock Rises (Forbes)