At Extreme Investor Network, we pride ourselves on bringing you the latest and most valuable information in the world of finance. Today, we’re diving into the recent struggles of Trump Media and Technology Group, and how it has impacted former President Donald Trump’s wealth.
Shares of Trump Media took a nosedive on Wednesday, plummeting as much as 10% and pushing the company’s market value below $5 billion for the first time since it went public. This decline has also knocked Donald Trump out of the world’s 500 wealthiest people, with Forbes now ranking him at 699th globally.
The stock price of Trump Media and Technology Group was trading at $34.30 per share, down by 8.5% in New York. Throughout the month, the stock has dropped more than 40%, causing concern among investors. Bloomberg even reported a significant decrease in options trading for Truth Social’s parent company.
Following its Nasdaq debut as “DJT” in late March, Trump Media’s stock initially soared, boosting Donald Trump’s wealth to almost $7 billion, as he holds a 58% stake in the company. However, recent financial disclosures have revealed a $58 million net loss for 2023 and just $4 million in revenue. This has left investors wary about the company’s future, especially as it predicts continued losses and negative cash flows in the near term.
Media mogul Barry Diller even went as far as calling Trump Media a “scam” last week. With the uncertainty surrounding the company’s financial reporting controls and the looming possibility of Trump selling his stake, the future of Trump Media remains uncertain.
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