Published: April 11, 2024 10:09 am
Author: RT
Stocks have plummeted in Trump Media, forcing the former US president off a daily ranking of the world’s richest people
Donald Trump has dropped off the Bloomberg Billionaires Index on the back of dismal stock market performance by Trump Media, the parent company behind the US Republican presidential candidate’s online platform, Truth Social.
The share price for Trump Media, which has been steadily declining over the past week, was down 8.57% at $34.26 per share at the close of trading on Wednesday. That figure was well below the $70.90 mark that the stock opened at on March 26, its first day as a publicly traded company. The nosedive put Trump Media’s market value at around $4.7 billion.
As a result, Trump’s net worth has dropped below $5.8 billion, sending him off the Bloomberg Billionaires Index of the world’s 500 richest people. However, the former president still ranks as the planet’s 652nd wealthiest person, according to Investing.com. Forbes currently pegs Trump’s total wealth at $4.8 billion, making him the world’s 697th richest person on the outlet’s list.
In late March, Trump Media & Technology Group merged with the shell company Digital World Acquisition Corporation. It began trading under the ticker DJT on March 26. Trump, who holds around 60% of Trump Media with 78.75 million shares, saw the value of his stake reach as much as $6 billion shortly after the company went public, earning the businessman a spot on the Bloomberg Billionaires Index.
READ MORE: Trump richer than Soros – Bloomberg
As of Wednesday, Trump’s stake was valued at less than $3 billion. The presidential candidate cannot offload his shares until September without approval from the company’s board.
Trump Media, which owns the Truth Social app, reported revenue of just $4.1 million for 2023, and a net loss of $58 million for the year.
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