Trump's Net Worth Plummets as Social Media Business Takes a Hit

By
Anja König
1 min read

Former President Donald Trump has experienced a significant decline in his net worth, plummeting by $1 billion, largely due to the underperformance of his social media business. The recent disclosure of a more than $58 million loss in 2023 has contributed to the decline. The shares of Trump Media & Technology Group Corp., the company behind his Truth Social platform, fell by 21% to $48.66 per share. This drop is particularly noteworthy as it places the stock below the level at which the blank-check vehicle it merged with was trading just a week ago. According to filings with the US Securities and Exchange Commission, Trump owns 57% of the company, which is now valued at $3.76 billion on paper. These developments exemplify the challenges facing Trump's social media venture and its impact on his personal wealth.

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