Trump Media (DJT) stock falls below $20 – and Trump’s net worth drops by $102 million
Top line
Shares of Trump Media and Technology Group fell below $20 for the first time since the company officially went public through a merger in March, continuing a downward trend at parent company Truth Social. And while the stock price ended the day just above $20, Trump’s net worth fell by about $102 million.
Truth Social’s parent company Trump Media could be at its lowest level since merging with a … (+)
Key data
At the close on Wednesday, the company was trading at $20.10, down 65.34 percent since the company went public on the Nasdaq stock exchange on March 26 through a merger with a special purpose acquisition company (SPAC).
According to CNBC, Trump owns 59 percent of Trump Media, or about $2.2 billion, which is more than half of his net worth as estimated by Forbes.
Shares of Trump Media & Technology Group Corp., which has a market cap of $3.94 billion, have been falling steadily since June, with an even steeper decline earlier this month after the company released an earnings report with extremely low revenue.
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Important background
Trump Media — which owns X competitor Truth Social and says it wants to get into the streaming TV business — went public on March 26 after successfully merging with blank-check firm Digital World Acquisition Corp. The long-delayed merger was first announced in 2021, and Digital World’s shares have fluctuated in anticipation of the merger, trading below $20 a share for most of the past year. Since its launch, Trump Media has been viewed by some as a highly volatile “meme stock” whose price changes in response to non-earnings developments, including Trump’s chances of winning the presidency in November. The company’s most recent big drop on August 12 came not only in the wake of the poor earnings report, but also as the former president returned to X, formerly known as Twitter. Trump had taken nearly three and a half years off from X, save for a single post. X is owned by billionaire Elon Musk and is seen as a competitor to Trump’s own Truth Social, which he launched after his removal from Twitter and which he had used as his main social media platform for years.
Surprising fact
The last time the company’s stock price closed below $20 was on January 12 ($17.32), before Digital World merged with Trump Media.
Forbes Rating
We estimate Trump’s net worth as of 4:45 p.m. EDT Wednesday is $4.2 billion, making him the 807th richest person in the world. His net worth includes his shares in Trump Media, as well as real estate and other assets.
What you should pay attention to
If Trump sells some of his shares in Trump Media. He has not indicated any plans to sell, but a six-month ban preventing him from selling his shares expires on September 25.
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