Donald Trump’s net worth has dropped by $700 million since last fall, with the loss mostly attributed to the failure of his website Truth Social.
The former president’s wealth fell from $3.2 billion to $2.5 billion before his historic indictment today, according to an analysis by Forbes.
Truth Social — which Trump used aggressively in the run-up to his arrest — is responsible for $550 million of the decline alone.
The news comes as it was revealed that he faces up to 136 years in prison for 34 criminal offences, which were revealed in an unsealed indictment today.
Initial projections are that the platform — designed to rival Twitter — will have 81 million users by 2026, but currently it only has 5 million users.
Donald Trump’s net worth has dropped by $700 million ahead of his impeachment trial today, according to a new analysis by Forbes
Truth Social alone cut $550 million from Trump’s net worth after the social networking site failed to generate tens of millions of estimated users.
Shares of Truth Social’s Digital World Acquisition Corp. were trading at about $14 a piece — down from $97.54 on March 4.
Trump launched Truth Social in October 2021 — nine months after he was banned from Twitter, which accused him of misusing the platform to incite violence among his followers.
The project was expected to boost his fortune by billions, as shares in Digital World rose from $10 to $175 within days of the announcement.
But she proved unpopular even with his most die-hard fans.
And the problem has been compounded by billionaire Elon Musk’s takeover of Twitter, which has overturned bans on Trump and other right-wing figures – weakening the case for an alternative platform.
Truth Social estimates around 100,000 users per month, which means its current pace won’t reach the expected 81 million users until 2086.
Digital World plans to take the company public and has until September 8 to complete the merger.
But the company is also mired in chaos after its CEO Patrick Orlando was sensationally sacked from the job “due to the unprecedented headwinds the company faced”.
Shares in Digital World’s acquisition of Truth Social were hovering around $14 a piece today, down from about $100 on March 4.
Trump posts a lot on his Truth Social account — especially in the run-up to his arrest
Forbes calculates that Truth Social is now worth $42 per user — which means Trump’s 85 percent stake in the business is likely worth $180 million today.
This drop was partly responsible for Trump falling 205 places on the 2023 Global Billionaires List, to No. 1,217.
Forbes concluded that the site is likely to “join Trump Stick, Trump University, and GoTrump.com in the graveyard of failed Trump projects.”
Trump frequently uses the profile to document events related to his landmark trial, which involves the $130,000 hush money payment to porn star Stormy Daniels.
Earlier today, he wrote on the platform: “The Radical Left Democrats have criminalized the justice system. This is not what America was meant to be!
Donald Trump pleaded not guilty to 34 counts of falsifying business records while standing before a New York judge this afternoon – and became the first US president to be tried and charged with a crime.
The photos show Trump, 76, seated alongside his defense team in a Manhattan courtroom with a stone look at the unprecedented hearing.
The former president silently walked into the courtroom after surrendering, placing him under arrest and having his fingerprints taken as the press roared with questions. Avoid being handcuffed and put in a cell.
Donald Trump made history on Tuesday when he stood in court in Manhattan and became the first former US president in history to be indicted on criminal charges.
Chaos erupted in a Manhattan courthouse this morning before Trump was indicted. Trump admirer Juliette Germanotta, wearing a jean jacket and MAGA hat, throws herself over a Trump sign outside the courthouse
Germanotta was filmed arguing with a critic after he tried to tear down an anti-Trump sign outside the Manhattan Criminal Court.
Outside Trump Tower in the morning, Democratic protesters tossed cowbells and ordered the former president to “wake up and smell justice.”
In the courtroom, journalists from around the world lined up all night to secure their place in the courtroom. After dawn, protesters from both sides descended on the building and were separated by NYPD barricades.
In dramatic scenes, Juliet Germanotta, a Trump fan, threw herself at an anti-Trump banner and tried to tear it down.
She was met with distrust from the protesters who installed her and jerky movements ensued, during which she exclaimed: “I have coronavirus!”