- Trump Media shares continued to drop Monday and early Tuesday
- The drop took him off the Forbes and Bloomberg wealthiest list
Trump Media took another slide Monday that took a chunk out of the former president’s net worth and knocked him off the Forbes rich list he had only recently reentered.
The blow came as Trump’s real time net worth on the list dropped to $4.8 billion, after a rough debut for the merged company behind his Truth Social site.
Trump Media stock hit a high of $79 March 26, then dropped more than 50 per cent by the close of trading on Monday.
It was down once again in early trading Tuesday, with prices dipping below $37 per share.
Monday’s drop came despite company CEO Devin Nunes, Trump loyalist and former Republican lawmaker, talking up the company on national television. He called it ‘the only game in town in an interview on Sunday Morning Futures with Maria Bartiromo.
Former President Donald Trump has dropped off the Forbes 500 wealthiest people after shares in Trump Media have continued to fall
Asked when the company would turn profitable, Nunes responded, ‘Well, look, it’s important to remember, Maria, that those numbers are based on what was the longest IPO in history. So we were over-regulated.’
He said the platform provided ‘family friendly and pro-American content,’ while also saying, ‘We’re really the only game in town that can accomplish this.’
‘So, if you actually look at the cost that we built TRUTH Social, our beachhead against big tech, an impenetrable beachhead that everybody said couldn’t be done without using big tech companies, that was built for a fraction of what many of these big tech dinosaur companies were built for.’
Shares were down Tuesday morning after shedding value on Monday
Former Rep. Devin Nunes, who serves as CEO of Trump Media, talked up the company’s $200 million in the bank and called the company the ‘only game in town,’ after stock price drops that have some calling it a meme stock
The dropping stock price also dropped Trump off the Bloomberg index of top billionaires.
He had just recently jumped on the list in late March as his net worth reached $6.4 billion.
Trump’s 78 million shares still put his take in the company at nearly $2.9 billion, although he is locked out of selling shares for a period of six months unless a board packed with loyalists votes through a waiver.
That still gives Trump a healthy net worth, but he is still facing a cash Trump. He relied on a billionaire to obtain bond to pay a $175 billion court judgement, but New York AG Letitia James has raised concerns, noting the firm providing it isn’t registered to provide bonds in the state.
Billionaire Don Hankey said he ‘probably didn’t charge enough’ when providing the bond.
