Trump is worth a billion dollars less — on paper — after Truth Social shares tumble
- Donald Trump's net worth took a huge hit on Monday.
- The former president's net worth fell by over $1 billion after shares for Trump Media plunged.
Former President Donald Trump probably isn't too pleased after his social media company, Trump Media & Technology Group saw a stock price rout on Monday.
Shares for Trump Media fell by as much as 26% after it reported a net loss of $58 million last year and a revenue of just $4.1 million, per an SEC filing.
The stock's decline also meant that Trump's net worth on paper is now down by more than a billion dollars.
Trump's net worth skyrocketed last week after Trump Media went public on March 26. The company's shares went up by as much as 59% the day it started trading. This increased his net worth by more than $4 billion, per Bloomberg.
Trump has a 57% stake in Trump Media, but he isn't allowed to sell any of his shares until the expiration of the six-month lock-up period.
Even before Monday's rout, the stock's performance was deemed incredulous considering the lackluster performance of its core product, Truth Social.
The social media platform has far fewer monthly active users than Facebook and X, formerly Twitter, and its appeal is largely confined to Trump supporters.
That said, the developments on Monday are likely to be a bummer for Trump, who before the rout was poised to net a huge windfall from his stake in the company.
The money would certainly come in handy for Trump, whose legal debts have been piling up.
On Monday, Trump posted a $175 million appeal bond in his New York civil fraud case. An appeals court slashed the size of Trump's bond last week, bringing it down from the $454 million that he was originally asked to pay.
Besides the civil fraud case, Trump also owes$83.3 million in defamation damages to E. Jean Carroll, a writer whom a jury ruled in 2023 that he'd sexually abused.
Representatives for Trump did not immediately respond to a request for comment from Business Insider sent outside regular business hours.