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Donald Trump Excluded From Bloomberg Billionaires Index After Truth Social Parents’ Swan Plunge

Donald Trump Excluded From Bloomberg Billionaires Index After Truth Social Parents’ Swan Plunge

 


When Donald Trump first ran for president in 2016, he staked his reputation on his wealth. Not only did the real estate mogul master the art of dealmaking, but his vast wealth kept special interests from buying him.

Nearly a decade later, his finances are in tatters: legal bills are piling up and interest is piling up; New York State threatens to seize some of its major properties; and shares of its parent company Truth Social are now in freefall.

Today, the Bloomberg media group stripped Trump of his prestigious membership in its virtual billionaire country club.

This week, he was excluded from its index of the world's 500 richest people after shares of the Trump Media and Technology Group fell.

Trump Media's crown jewel is Truth Social, the Twitter-like social network that Trump launched after being banned from the service following the events of January 6. The stock remains phenomenally high for a company that lost more than $58 million last year on revenue of just $4 million. Trump supporters also bought out the company in a show of support, driving up prices.

The more Wall Street saw the commercial substance, or lack thereof, of TMTG, a money-losing Twitter clone whose main attraction is its most famous user, the more the stock plunged. Trump Media shares have been in a steady, uninterrupted decline since April 2 and have only risen one day since March 27. They lost another 9% on Wednesday to close at $34.26 each, bringing the total decline to 57% since its March 26 peak.

Trump owns about 60% of Trump Media with 78.75 million shares. That brings the stock's value to just under $2.7 billion, up from $5.2 billion a few weeks ago. But all this only represents billions of paper. Trump cannot sell any shares until September unless he gets permission from the company's board.

In truth, the ancient empire of the Apprenticehosts has already fallen into a far from pristine state.

At least four of Trump's companies have declared bankruptcy and no major lender except risk-friendly Deutsche Bank is still willing to do business with him.

In February, the Trump Organization was found liable for $464 million for borrowing against fraudulently inflated property values, and the $175 million bond Trump obtained from Knight Specialty Insurance to defer foreclosures. active until his appeal is heard seems risky.

November victory offers best chance to become a member again

New York prosecutors are currently questioning whether the company that is not licensed in the state is really good value for money.

Otherwise, authorities could begin fundraising, and New York Attorney General Letitia James has warned that her building at 40 Wall Street could be a prime candidate.

Trump will also have to roll over more than $780 million in mortgage debt over the next five years, according to a Forbes estimate, just as interest rates have reached punitive levels and vacancies in housing markets first order are skyrocketing as more people work from home.

The March 26 listing of Truth Social's parent company, Trump Media and Technology Group, seemed to come just in time.

Beyond the $300 million in cash raised from investors to ensure his immediate survival, the initial rise in his stock price added more than $3 billion to Trump's wealth overnight. However, the fall in Trump Media's stock price since has reduced the former president's estimated net worth to less than $5.76 billion, putting him below the current threshold for ranking among the top 500 people. richest in the world. At his peak, Trump was valued at $6.5 billion.

Forbes also no longer lists Trump among its 500 richest people, estimating his worth at $4.6 billion, making him the 696th richest person according to that ranking.

And remember, Trump is nothing more than a survivor.

The influence he acquired in the business world thanks to his victory in the US presidential election in November could soon allow his coffers to replenish.

Who knows, she might even get her Bloomberg billionaire membership card back.

[This report has been updated with additional context.]

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Sources

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2/ https://fortune.com/2024/04/11/donald-trump-billionaires-bloomberg-truth-social-tmtg/

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