Stocks have plummeted in Trump Media, forcing the former US president off a daily ranking of the world\u2019s richest people<\/p>\n\n\n\n
Donald Trump has dropped off the Bloomberg Billionaires Index on the back of dismal stock market performance by Trump Media, the parent company behind the US Republican presidential candidate\u2019s online platform, Truth Social.<\/p>\n\n\n\n
The share price for Trump Media, which has been steadily declining over the past week, was down 8.57% at $34.26 per share at the close of trading on Wednesday. That figure is well below the $70.90 mark that the stock opened at on March 26, its first day as a publicly traded company. The nosedive put Trump Media\u2019s market value at around $4.7 billion.<\/p>\n\n\n\n
As a result, Trump\u2019s net worth has dropped below $5.8 billion, sending him off the Bloomberg Billionaires Index of the world\u2019s 500 richest people. However, the former president still ranks as the planet\u2019s 652nd wealthiest person, according to Investing.com. Forbes currently pegs Trump\u2019s total wealth at $4.8 billion, making him the world\u2019s 697th richest person on the outlet\u2019s list.<\/p>\n\n\n\n
In late March, Trump Media & Technology Group merged with the shell company Digital World Acquisition Corporation. It began trading under the ticker DJT on March 26. Trump, who holds around 60% of Trump Media with 78.75 million shares, saw the value of his stake reach as much as $6 billion shortly after the company went public, earning the businessman a spot on the Bloomberg Billionaires Index.<\/p>\n\n\n\n
As of Wednesday, Trump\u2019s stake was valued at less than $3 billion. The presidential candidate cannot offload his shares until September without approval from the company\u2019s board. <\/p>\n\n\n\n
Trump Media, which owns the Truth Social app, reported revenue of just $4.1 million for 2023, and a net loss of $58 million for the year.<\/p>\n\n\n\n