- At its peak, Donald Trump’s stake in Trump Media was worth a whopping $5.11 billion.
- But since March, Trump Media shares have fallen.
- On Tuesday, the former president’s shares lost about $3.33 billion.
As shares of Trump Media & Technology fell, so did Donald Trump’s wealth.
At its peak in late March, just after its IPO, Truth Social had a market capitalization of $8.97 billion.
That meant the former president, who owns about a 57% stake in the media startup, held shares worth $5.11 billion.
But since then, the stock has been in free fall. On Tuesday, Trump Media closed with a market capitalization of around $3.12 billion, down 65% from its peak.
In other words, Trump’s stock dropped by more than $3.33 billion in about three weeks.
Shares of Trump Media, Truth Social’s parent company, fell Monday after a filing showed it was considering allowing company insiders — including Trump — to sell their shares early.
The shares were blocked for six months, preventing the former president from cashing them in immediately.
Shares fell further Tuesday after the company announced it would launch a streaming platform.
Trump Media initially entered the market with great fanfare, putting him on the list of the world’s richest people and fueling speculation among power users and meme stock buyers.
But Trump’s arrival was short-lived.
Many expected bankruptcy, and a damning filing revealed that the company lost $58 million last year, compared to $4.1 million in revenue.
Still, the stock has been a bargain for Trump, even if its value is now much lower. Any boost could come in handy for the presumptive GOP nominee in 2024. Trump has mounting legal bills related to his various criminal cases to pay, as well as judgments in two civil cases.
Trump’s first criminal trial — for concealing secret payments to porn star Stormy Daniels — began Monday with the start of jury selection. Trump will remain in court in the coming weeks.
businessinsider
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