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Trump's Wealth Drops $1 Billion after Truth Social Shares Decline 21%


Wed 03 Apr 2024 | 03:30 AM
Taarek Refaat

The net worth of former US President Donald Trump dropped by $1 billion as the shares of his social media company "Truth Social" declined after it revealed a loss of more than $58 million in 2023, with the revenue stream of the former president's platform declining.

This comes after Trump Media & Technology Group Corp.'s stock fell by 21% on Monday to $48.66 per share, below its starting trading price of $49.95 for the blank check company it merged with a week ago. Trump owns 57% of the company, according to filings submitted to the US Securities and Exchange Commission, and the value of his share now amounts to $3.76 billion on paper, according to Bloomberg.

With this recession, Donald Trump's net worth reaches $6.4 billion, a decrease of 14%, according to data compiled by Bloomberg.

Trump Media generated just $4.1 million in revenue for the full year, results reported in a presentation Monday morning, underscoring how rich it is compared to its peers. The company does not announce active user numbers, as it revealed in its prospectus in February only that Truth Social has about 9 million subscriptions across its platforms.