Former President Donald Trump’s net worth took a hit on Monday as shares for his social media company, Trump Media & Technology Group, plummeted by over $1 billion. The stock price for Trump Media fell by 26% after the company reported a net loss of $58 million and revenue of $4.1 million in an SEC filing.
Trump’s net worth had previously soared by more than $4 billion when Trump Media went public on March 26. However, Monday’s decline completely wiped out those gains. Trump holds a 57% stake in Trump Media but is currently unable to sell any shares until the expiration of a six-month lock-up period.
The flagship product of Trump Media, Truth Social, has struggled to attract users, with significantly fewer monthly active users compared to larger social media platforms like Facebook and Twitter. This lackluster performance has contributed to the company’s poor financial results.
This financial setback for Trump comes at a challenging time as he faces significant legal debts. This includes a $175 million appeal bond in a New York civil fraud case and $83.3 million in defamation damages awarded to writer E. Jean Carroll.
Representatives for Trump have not yet commented on the decline in his net worth. The financial troubles surrounding Trump Media highlight the challenges faced by the former president as he seeks to establish a presence in the competitive social media landscape.
