Trump Media shares have been slipping in recent days. So has Donald Trump’s net worth.
Trump is no longer listed on the Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people, after the stock price for Trump Media – the parent company behind the former president’s social media company Truth Social – took a nosedive.
Shares dipped 12% on Friday and 8% Monday. After sliding as much as 4.8% on Tuesday, the stock rallied to close at $37.47, up 0.8% for the day but down more than 50% from its peak in late March.
Tuesday was the first time the stock fell below $35.50 since Trump Media merged with the public shell company Digital World Acquisition Corp. and started trading under the ticker DJT on March 26.
The price dip over the last two weeks has wiped out billions of dollars from the company’s market value, after being valued at nearly $8 billion after its stock market debut.
Trump Media’s stock has been volatile since its launch, which means the former president’s net worth has also seen some major swings in recent weeks.
Trump – who owns roughly 60% of Trump Media with 78.75 million shares – saw his stake worth as much as $6 billion after the company went public, earning him a spot on the Bloomberg Billionaires Index.
DJT stock hits turbulence:More volatility ahead for Trump's high-flying Truth Social
As of Tuesday, the value of his stake was closer to $3 billion – at least on paper. Trump cannot offload his shares until September without approval from the Trump Media board.
Forbes listed Trump’s net worth at $4.8 billion on Tuesday afternoon, making him the 653rd richest person in the world. The lowest net worth included in the Bloomberg Billionaires Index ‒ which measures personal wealth based on changes in the market, the economy and Bloomberg reporting ‒ as of Tuesday was $5.81 billion.
While the company’s value has dipped in recent days, $5 billion is still a high price tag for a company that lost more than $58 million with a revenue of $4 million in 2023.
Experts have said the company is overvalued compared with other social media platforms, thanks in part to investments by Trump supporters. Shortly before the company went public, an auditing firm warned that Trump Media’s operating losses “raise substantial doubt about its ability to continue as a going concern.”
Trump defended the company on Truth Social last week, writing that he believes the company is “very solid” and "growing fast."
"If it didn’t work, or properly get the word out, I wouldn’t use it - But it does work, and work really well - And the fun is just getting started!!!" one post reads in part.