Trump's wealth tumbles as Truth stock dips

 April 10, 2024

Donald Trump's net worth has tumbled $2 billion just weeks after he cracked Bloomberg's list of the world's 500 wealthiest. 

The sobering news is just the latest twist in Trump's turbulent financial situation as he battles an avalanche of expensive legal cases and the possible seizure of his real estate by a left-wing prosecutor.

Trump's net worth surged in late March after the parent company of his social media platform, Truth, went public on the stock market.

Trump's wealth tumbles

The stock, which has the ticker "DJT," has wildly oscillated in price.

DJT shares closed at $34 at the end of trading Wednesday, a decrease from its debut price of over $70 on March 26.

Trump, the majority owner in Trump Media, has seen his stake fall in value from $5.2 billion to $2.9 billion.

As a result, Trump has been taken off Bloomberg's list of the 500 wealthiest individuals just days after his stake in Truth placed him in the exclusive club.

The reversal in fortune has led to chortling from Trump critics, who have dismissed DJT as an overvalued "meme" stock without much fundamental value.

Trump Media reported a revenue of $4.1 million last year and losses of $58 million.

Lawfare eats into Trump's coffers

The initial surge in Trump's net worth was a timely boon for Trump, who is battling to save his real estate from being seized in New York by Democratic attorney general Letitia James.

The merger deal that allowed Truth to go on the stock market was announced as Trump was scrambling to find cash for a staggering $500 million bond to delay enforcement of the judgment in James' civil fraud case.

The bond was later lowered by an appeals court to $175 million and Trump paid it, but James has continued to challenge Trump over the bond.

While Trump's personal wealth is in unprecedented jeopardy, the extraordinary expense of battling numerous civil and criminal cases has put an immense strain on his presidential campaign as he seeks to unseat Joe Biden.

Trump has accused Biden of driving the legal onslaught that is eating into Trump's coffers - as Biden takes to mocking Trump over his financial woes.

Last weekend, Trump raised $50 million at a fundraiser in Palm Beach, doubling what Biden raked in at a major fundraiser in New York.

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