Donald Trump
Trump’s net worth took a hit with the drop in shares of Truth Social.
Shares for Trump Media fell by as much as 26% after reporting a net loss of $58 million last year and a revenue of $4.1 million, leading to a more than $1 billion decrease in Trump’s net worth. Trump Media went public on March 26, causing Trump’s net worth to increase by more than $4 billion. Trump has a 57% stake in Trump Media but cannot sell shares until the lock-up period expires. The core product, Truth Social, has fewer monthly active users than Facebook and Twitter, and its appeal is mainly to Trump supporters. The stock’s performance was deemed questionable even before the recent decline, and the money from Trump Media would have been useful for his legal debts, including a $175 million appeal bond in his New York civil fraud case and $83.3 million in defamation damages to E. Jean Carroll. No comment was immediately available from Trump’s representatives.
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