Donald Trump faced a staggering $1 billion loss in his net worth as shares of his social media venture plummeted by 21%. This decline was driven by the underwhelming revenue performance of Truth Social, the platform he launched.
Trump Media & Technology Group revealed losses exceeding $58 million in 2023, sparking concerns across the market. The announcement, made less than a week after the company's highly publicized merger debut, was initially reported by the Wall Street Journal.
Initially, the stock experienced a surge in value during its March 26 launch, fueled by enthusiastic retail investors and strong support from Trump's followers. This propelled the former US President's net worth to $7.2 billion. However, Monday's revelation swiftly reversed this momentum, with shares dropping by $13.30, or 21%, to settle at $48.66. Trump maintains approximately a 57% stake in the company.