- Donald Trump has disappeared from Bloomberg’s list of the 500 richest people in the world.
- The former president briefly cracked the top 300 due to his stake in Truth Social.
- TMTG stock plunged 53% from its intraday high two weeks ago, significantly reducing Trump’s net worth.
Donald Trump fell out of the ranking of the 500 richest people in the world after the value of his meme stock fell.
The former president fell from the Bloomberg Billionaires Index as his net worth fell below the $5.8 billion required to achieve it. The Forbes Rich List puts Trump’s total wealth at $4.8 billion, ranking him 659th in the world.
Just a few days ago, Trump occupied a spot in the top 300 of the Bloomberg Index, ahead of George Soros, Mark Cuban, Giorgio Armani, Reed Hastings and Bernie Marcus.
The presumptive Republican presidential nominee’s wealth has surged this year because of his 78.75 million shares, or at least 58 percent, in Trump Media & Technology Group. TMTG merged with Digital World Acquisition Corp. and began trading under the symbol DJT in late March.
Shares of TMTG hit an intraday high of $79 on March 26, valuing Trump’s stake at nearly $6.3 billion. But the stock has plunged 53% since then, to about $37 as of Monday’s close, reducing the value of Trump’s position to about $2.9 billion, a drop of $3.3 billion in two weeks.
The initial buying spree also boosted the company’s market capitalization to about $11 billion at its peak, making it more valuable than Paramount, Etsy, Hasbro, American Airlines or Ralph Lauren.
TMTG is now worth around $5.1 billion. That’s still more than 1,200 times the $4.1 million in revenue generated last year, which generated a net loss of $58 million for Truth Social’s parent company.
Trump might be particularly unhappy about his net worth plummeting, given that he received a $454 million judgment in a fraud case in New York, and had to pay a $175 million bond request while he appealed the decision.
businessinsider
