Trump’s net worth has dropped by $900m since Kamala Harris entered the race
Donald Trump, Kamala Harris
Former President Donald Trump’s social media fortune is decreasing.
The value of Trump’s stake in Truth Social (Owned by Trump) has decreased by $900 million since Vice President Kamala Harris entered the race for the White House.
Trump Media & Technology Group’s share price has fallen by about 23% since then, with another sharp drop on Thursday (Aug 1) amid a broader market selloff.
Trump’s stake in the conservative social media company was just over $4 billion as of July 19, the final trading day before President Joe Biden exited the race and endorsed Harris. It has since fallen to approximately $3.1 billion.
Notably, the selloff comes as national and battleground polls show a tight fight between Trump and Harris.
In June, Trump Media’s share price popped momentarily following Biden’s disastrous debate performance. The stock spiked again last month after Trump survived an assassination attempt in Pennsylvania.
Interestingly, at the same time, Trump’s Truth Social struggles to gain traction in the social media world.
According to Comscore data analysed by TheRighting, in the month of June, Truth Social’s unique visitors came down by 38% year-over-year, marking the platform’s third straight month of declines.
Trump Media’s share price has experienced significant turbulence since going public in late March.
Experts have characterised Trump Media as a meme stock, trading on hype and momentum rather than on fundamentals.
It may be noted here, Trump is the leading figure in the company, owning 114.75 million shares, serving as its chairman and the most popular user on Truth Social.
Trump’s net worth is estimated at $5.9 billion by Bloomberg. Still after the recent selloff, Trump Media is valued at $5.1 billion.
Experts have warned the company is significantly overestimated because it makes very little revenue and Truth Social remains a tiny player in social media.
However, Trump Media’s market value remains more than twice that of JetBlue, which is valued at $2.2 billion. This is despite JetBlue generating 2,300 times more revenue last year than Trump Media’s modest $4.1 million.
(With inputs from agencies)