Donald Trump's Net Worth Sinks $1 Billion As Truth Social-Linked ...
Former President Donald Trump’s fortune shrank considerably Monday as shares of his social media company tanked after the company revealed its latest financial results, predictably well below what a typical multibillion-dollar company would deliver.
Donald Trump's stake in Truth Social is worth about $2 billion less than its Tuesday peak.
GC Images Key FactsTrump’s net worth plunged by about $1 billion Monday as shares of Trump Media, the primary source of his wealth, tanked.
His fortune fell by more Monday than any other than billionaire aside from than Tesla CEO Elon Musk and Chinese video game tycoon William Ding, according to Forbes’ real-time rankings.
Trump Media’s stock (ticker $DJT for Trump’s initials) tanked about 20% in Monday trading, closing at about $49 per share, a roughly 35% drop from its $79 peak set last Tuesday on its first day as an independently traded public company.
Trump, who owns 78.5 million shares in Trump Media, about 57% of all outstanding shares, accordingly had his stake in the social media venture slide from its peak of $6.25 billion to Monday’s $3.86 billion.
Monday’s freefall came after Trump Media unveiled its full-year 2023 results for the first time, revealing full-year revenues of $4.1 million on a net loss of $58.2 million, with fourth-quarter sales of roughly $750,000.
The uninspiring results for Trump Media, whose primary offering is the conservative social media platform Truth Social, reveal just how rich the company’s $6 billion market capitalization is compared to other public companies. Trump Media’s 1,470 price-to-sales ratio, which compares a company’s total valuation to its last 12-month sales, is exponentially higher than social media peers Reddit and Snap’s respective 9 and 4 price-to-sales ratios. Though Trump Media is a young company with the theoretical potential to dramatically scale its business, many experts classify it as a meme stock whose rise compares to the 2021 surges from the likes of AMC and GameStop. Trump Media went public last week via a reverse merger with Digital World Acquisition Corp. first announced more than two years ago, and its shares jumped as much as 40% in its debut on the Nasdaq stock exchange.
Forbes ValuationTrump’s net worth has more than doubled since the completion of his social media company’s merger with Digital World, sitting at $5.7 billion even after sinking more than $1 billion Monday.
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