Apr 1, 2024 - Business

Trump's net worth plunges $1 billion, as Truth Social shares sink

Illustration of an angry facebook emoji that resembles Donald Trump

Illustration: Sarah Grillo/Axios

Former President Trump's net worth fell by more than $1 billion on Monday, as shares of his social media company plunged 21.5%.

The big picture: This was a MAGA meme stock meeting financial reality.

  • Trump Media & Technology Group disclosed a $58 million net loss for 2023 on just $4.1 million in revenue, all of which came from ads on Truth Social.
  • It also lost momentum at year end, generating only $751,500 in fourth-quarter revenue.

By the numbers: The value of Trump's stake in the company fell on Monday from $4.89 billion to $3.84 billion.

  • At one point the decline was even steeper, as shares were off more than 25% before a mild rebound.
  • He is prevented from selling any shares for at least six months, due to a lockup agreement, unless he were to receive special dispensation from the company's board of directors.

The bottom line: Trump lost a ton of paper value on Monday. But the more remarkable story might be how much he has left, given how poorly the underlying business has performed.

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