The American newspaper "The Hill" said that the wealth of Donald Trump, the former US president, decreased by hundreds of millions of dollars, yesterday, Friday, as the shares of his company, Trump Media, came under pressure in the wake of his conviction in his trial in New York.
Trump Media and Technology Group shares ended down 5.3% on Wall Street, affecting the value of the former president's extensive stake in the company.
By the time the markets closed, Trump's stake was worth about $5.6 billion. The day before, it was closer to $6 billion.
The extraordinary market debut of Trump Media in March - the company that owns Truth Social - has boosted Trump's wealth by billions of dollars and propelled him, for the first time, into the ranks of the 500 richest people in the world as he grapples with costly legal pressures.
The newspaper considered that shares in Trump Media are subject to fluctuations, and Trump cannot start selling his stake until September, due to the closure agreement.
When the Nasdaq stock exchange in New York closed on Thursday, about an hour before Trump was found guilty of 34 counts of falsifying business records in a criminal money scheme, his stake in Trump Media was worth more than $5.9 billion. At one point Friday, as the company's shares fell, his stake was worth less than $5.5 billion.
The newspaper explained that trading in Trump Media has been subject to fluctuations since its listing. While the stock faltered yesterday, Friday, it witnessed an increase throughout the week. The company's financial returns have not yet matched its success in the market. Net losses at Trump Media widened from $210 million to $328 million in the first three months of this year. Revenues fell 31% to $770,500 during the same period.
The former US President will need Trump Media to continue trading at the levels it has risen to in recent months if he wants to raise billions of dollars by selling his majority stake in the company.
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