Easy come and easy go, right? When Truth Social hit the big time and Donald Trump made $6B overnight, OMG, wasn’t he a genius? Alina Habba was crowing, Fox News was crowing, everybody was so impressed with the business acumen of this genius of finance. Then, voila. In less than two weeks, the shell game comes to an end as every day now Truth Social loses money. USA Today:
Trump Media shares have been slipping. So has Donald Trump’s net worth.  Trump is no longer listed on the Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people, after the stock price for Trump Media – the parent company behind the former president’s social media company Truth Social – took a nosedive.
Shares dipped 12% on Friday, 8% on Monday and were down another 2% late Tuesday morning to trade at $36.35. That’s down more than 50% since its peak of $79.38 in late March.
Tuesday has been the stock’s lowest trading day since Trump Media merged with the public shell company Digital World Acquisition Corp. and started trading under the ticker to DJT on March 26.
Trump – who owns roughly 60% of Trump Media with 78.75 million shares – saw his stake worth as much as $6 billion after the company went public, earning him a spot on the Bloomberg Billionaires Index.
As of Monday afternoon, the value of his stake was hovering closer to $3 billion – at least on paper. Trump cannot offload his shares until September without approval from the Trump Media board.
Forbes listed Trump’s current net worth at $4.7 billion as of late Tuesday morning, making him the 664th richest person in the world. Currently, the lowest net worth included in the Bloomberg Billionaires Index ‒ which measures personal wealth based on changes in the market, the economy and Bloomberg reporting ‒ is $5.82 billion.
You’re getting the idea. And bear in mind, this is all monopoly money. There is nothing real here. Trump didn’t “lose” two billion, in the sense of he had actual properties and they all burned down one night or some such thing. No, this is speculative money, based upon trading algorithms, and the trading algorithms are based upon the arcane ways of SPACs and the stock market. This is a capitalistic mirage at its finest.
Speaking of which, Trump is not only oblivious to Truth Social going the way of the carrier pigeon, he believes that the otherwise booming stock market is all about him. Are you ready?
Are we supposed to listen to someone who has a dying stock offering for his social media company, is going to trial on Monday for 34 criminal counts, and can't obtain a legitimate bond for his guilty fraud verdict? Pleeeeeease.
— 🟦🟧Sugiebabi Be Smilin' 🚫🔫 (@Tacoma2220) April 9, 2024
No, it’s the apocalypse for sure if Trump doesn’t win. That’s what he’s got his crazies programmed to believe and who knows what kind of a tantrum they’ll throw this election day or next January, when the votes are certified.
It will be intriguing to see what happens when Truth Social finally craters altogether. It has always been wildly overvalued. It had less than $4M in revenue last year and but for its *value* as a meme stock, it would never have been spoken of in terms of eight, ten billion dollars. That is sheer fantasy.
There won’t be a soft landing for this one, folks, get ready for a good solid crash.
Go buy ketchup shares – a lot of bottles are going to meet their doom
Don John is off the Forbes list – and Taylor Swift is ON it
Billionaire?
When this is all over he’ll be lucky to be a dozenaire.
And what can that buy you in prison?
Toothpaste. Or a pack of smokes. Not both.
Just keep your eye on the pea as I move these shell companies around. One thing is certain…if he was borrowing from the mob he’d be in the east river headed out to sea.