- Trump Media shares continued to fall on Monday and early Tuesday.
- The fall took him off the Forbes and Bloomberg richest lists.
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Trump Media suffered another decline on Monday that took away a portion of the former president’s net worth and removed him from the Forbes rich list that he had recently re-entered.
The blow came as Trump’s listed real-time net worth fell to $4.8 billion, after a rocky debut for the merged company behind his Truth Social site.
Trump Media shares peaked at $79 on March 26 and then fell more than 50 percent by the close of trading on Monday.
It fell again in early trading on Tuesday, with prices falling below $37 per share.
Monday’s drop came even though the company’s CEO, Devin Nunes, a Trump loyalist and former Republican lawmaker, discussed the company on national television. He called it “the only game in town.” in a interview on Sunday Morning Futures with Maria Bartiromo.
Former President Donald Trump dropped out of the Forbes 500 richest people list after Trump Media’s stock continued to fall.
When asked when the company would become profitable, Nunes responded: “Well, look, Maria, it’s important to remember that those numbers are based on what was the longest IPO in history.” So we were overly regulated.”
He said the platform provided “family-friendly, pro-American content”, while stating: “We really are the only game in town that can achieve this.”
“So if you really look at what it cost to build TRUTH Social, our beachhead against Big Tech, an impenetrable beachhead that everyone said couldn’t be done without the use of Big Tech, which was built for a fraction of what many of these big dinosaur tech companies were built for.
Shares fell Tuesday morning after losing value on Monday.
Former Rep. Devin Nunes, who serves as CEO of Trump Media, discussed the company’s $200 million in the bank and called the company the “only game in town,” after drops in the price of the actions that caused some to call it a meme action.
The stock price drop also knocked Trump out of the running. Bloomberg Index of top billionaires.
He had recently jumped onto the list at the end of March, when his net worth reached $6.4 billion.
Trump’s 78 million shares still put his stake in the company at nearly $2.9 billion, although he will not be able to sell shares for a six-month period unless a board full of loyalists votes for an exemption.
That still gives Trump a healthy net worth, but he’s still facing a cash-strapped Trump. He relied on a billionaire to obtain bail to pay a $175 billion court judgment, but New York Attorney General Letitia James has expressed concern, noting that the company is not registered to provide bonds in the state.
Billionaire Don Hankey said that ‘He probably didn’t get paid enough.‘ at the time of granting bail.
