Donald Trump's net worth plummets as Trump Media shares fall

Donald Trump's net worth is falling rapidly as investors continue to dump shares of his media and technology company.

RFK Jr. investing in GameStop is hilarious, says executive

Trump Media & Technology Group (TMTG), owner of the right-wing social media platform Truth Social, reported a pre-income tax loss of $327.6 million last quarter; That represents a net loss of $3.61 per share attributable to shareholders, according to a Monday regulatory filing. Revenue fell year over year to $770,500 from $1.12 million for the three months ended March.

TMTG stock fell more than 10% on Tuesday before paring some gains and closing down 8.6%, or $44.19 per share. Shares fell nearly half a percentage point in premarket trading Wednesday as some of the more than 621,000 shareholders, most of whom are retail investors, sell.

Trump is by far the largest owner of TMTG stock. As of Monday, it held 64.9% of shares outstanding, up from 57.6% in March.

As a result, the former president's net worth lost $481 million, a 6.5 percent drop to $6.9 billion, according to Forbes. That leaves Trump as the 410th richest person in the world, right between Polish billionaire Michal Solowow and Eswatini Nathan Kirsch.

Trump is currently waging several lawsuits and a re-election campaign against Democrat and incumbent US President Joe Biden. His campaign announced Tuesday that it would begin accepting donations in the form of cryptocurrencies like Bitcoin or Ether to build a crypto army that will lead the campaign to victory in November.

A complicated launch

Instead of pursuing a traditional public launch, Trump Media joined Nasdaq by merging with Digital World Acquisition Corp. (DWAC), a special purpose acquisition company, or SPAC, after years of delays.

In the weeks since its debut, the company's shares have been extremely volatile, peaking and plunging day by day, sometimes without any apparent explanation.

A week after its IPO, the company reported a 2023 operating loss of nearly $16 million, plus interest expense of $39.4 million, while generating just $4.1 million in revenue. income.

In the April 1 regulatory filing, Trump Media disclosed that it did not have the financial resources to maintain its operations for a reasonable period of time, which it defined as one year from the filing date, raising doubt substantial in terms of its ability to continue its activities. The company said it expects to continue to experience operating losses and negative cash flow for the foreseeable future.

Earlier this month, Trump Media replaced its auditing firm after the SEC permanently banned the company from its accounting duties due to findings of massive fraud. Trump Media warned last week that it would file its quarterly report late because of these changes.

Sources 1/ https://Google.com/ 2/ https://qz.com/donald-trump-president-campaign-joe-biden-truth-social-1851492997 The mention sources can contact us to remove/changing this article

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