Donald Trump’s net worth shrinks over $2 billion in a week

Shares in Trump Media and Technology Group have tumbled to their lowest level since just before its first trading day, and are now down 50% from its $79.38 peak price.

The former President owns roughly 79 million shares or nearly 60% of the company, which began trading under the DJT ticker symbol late last month following a reverse merger with a blank check firm. 

The plunge has wiped some $2 billion off the value of his stake since the stock began its steep descent on April 1st. 

With rising legal bills to pay, at this rate, there might not be much value left for Trump to still extract by the time the former president can dump any shares once the six-month lock-up period is over.

Briefly, it seemed as if the stars were aligning for Trump at a crucial time when he’s mounting a bid to retake the White House and become the first person since Grover Cleveland in 1893 to serve non-consecutive terms as President. 

DILLER, on $DJT:

“WHY are you even talking about this? It’s a scam. Just like everything he’s ever been involved in ..”@CNBC @SquawkCNBC
pic.twitter.com/UZq5CSBUXD

— Carl Quintanilla (@carlquintanilla) April 4, 2024

First Trump managed to scrounge up $175 million in cash after a judge drastically reduced the amount in a $464 million civil fraud case.

Then he became $3 billion richer overnight after MAGA supporters rushed to scoop up shares and financially contribute to his cause. 

Trump Media’s peak market cap of around $10.4 billion eclipsed even that of Reddit, a far more mature social media company that went public weeks earlier.

The egregious gulf between the underlying fundamentals of the Truth Social parent company and the valuation it received from investors prompted numerous comparisons with meme stocks and altcoins. 

But almost as quickly as it came, the streak of luck now looks to be petering out. 

Not even Marjorie Taylor Greene reportedly held on to her stock

First, Trump Media published 2023 results that showed the company racked up losses of $58 million on revenue of only $4 million.  

Adding insult to injury, the outlook appeared gloomy after its unorthodox auditor warned it may not have survived without the $300 million in cash it received from Digital World Acquisition Corp. as part of its reverse…