Trump’s Net Worth Drops Over $1 Billion As His Media Stock Plummets For Second Day In a Row
Former President Donald Trump’s media company, Trump Media and Technology Group, shed 22 percent of its value on Wednesday and dropped another 14 percent on Thursday morning.
CNBC reported that DJT stock trading on the NASDAQ “was halted twice Thursday morning as shares rapidly dropped at the start of another volatile trading session.” Fortune magazine noted that Wednesday’s drop was the single biggest selloff of the stock in its trading history and added that it cost Trump more than $1 billion of his net worth.
“Since Tuesday, more than $3 billion has been shaved from the company’s market cap, although the stock is still up roughly 130% from its September lows,” added Yahoo Finance, underscoring the hit to Trump Media’s investors this week.
Trump is the majority stockholder in Trump Media, the company that owns and operates his Truth Social platform. The company’s stock opened big in March 2024 went the company went public, adding billions to Trump’s net worth.
However, the company has never posted significant profits and in recent months has been viewed as a barometer of Trump’s political fortunes – with his allies buying in when they believe he is likely to return to the presidency and getting out when his chances appear to dip.
“Given TMTG’s total annual revenue in the low-single-digit millions—roughly on par with the business done by a handful of Starbucks stores—the current $8 billion market cap only makes sense in a scenario in which Trump returns to the White House in January following Tuesday’s vote,” noted Fortune magazine while reporting on the selloff.
DJT took a big hit this past August when the company’s latest earning report came out. The stock tumble came the day after the company’s quarterly earning report revealed only $836,900 in revenue for the company valued at over $4.5 billion. The company registered a net loss of $16.4 million for the second quarter, which ended on June 30th.
Trump himself also began posting again on X ahead of that report’s release, which is a rival to his Truth Social platform.
