Trump Net Worth Dips $300 Million As Truth Social Parent's Stocks Stumble

The company’s stock saw a decline of 8% on November 12, continuing a downtrend that began after an initial post-election surge, according to Forbes

13 Nov 2024, 07:35 · www.ndtv.com

Donald Trump's net worth has taken a $300 million hit following a dip in the shares of Trump Media & Technology Group, the parent company of Truth Social. The company's stock saw a decline of 8% on November 12, continuing a downtrend that began after an initial post-election surge, according to Forbes.

By 2:40 pm EST on November 12, Trump Media's stock fell below $31, down from a high of $33.41 on November 11. This drop comes after a two-day rally that saw the stock rise by 20.6%. As a result, Trump's 57% ownership stake in Trump Media — equating to 114.75 million shares — has seen its value decrease from just over $3.8 billion on November 11 to around $3.5 billion. This represents a significant fall from a peak of $5.2 billion when the stock reached $45.77 on November 6, reported Forbes.

The initial rally in the company's stock price followed a statement from Trump on Truth Social last week. He dismissed rumours of his intention to sell his stake in Trump Media, describing them as “fake, untrue and probably illegal claims,” although it remains unclear what specific allegations he was referring to.

According to the latest Forbes estimates, Trump's current net worth is valued at $5.6 billion, making him the 591st wealthiest individual globally. His fortune has experienced fluctuations due to the volatility of Trump Media's stock. A surge in October briefly pushed his net worth above $8 billion for the first time since the company went public earlier this year.

Although Trump has repeatedly stated he would not sell his stake in Trump Media, other company executives have made plans to sell shares. Earlier this month, Trump Media CFO, Phillip Juhan, announced intentions to sell shares worth around $13.4 million by December 2025, according to a filing with the Securities and Exchange Commission.

Trump Media has faced significant volatility since its public listing in March 2024 through a reverse merger with Digital World Acquisition Corp. The company's stock has been subject to fluctuations linked to both Trump's political campaign and the financial performance of the business itself.

According to Forbes, in its third-quarter earnings report, Trump Media revealed a net loss of $19 million, citing legal expenses and costs associated with its TV streaming services. The stock spiked following Trump's debate with President Joe Biden and an attempt on his life in July but it dropped sharply after his debate with Vice President Kamala Harris in September.

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