BUSINESS
Trump Media shares plummet
April 4, 2024 - The Wall Street debut of Trump Media -- whose flagship product is Truth Social -- boosted Donald Trump’s stock on paper, but the value of his shares has since plummeted.
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Trump’s net worth soared to $5.2 billion -- up $2.3 billion -- after investors approved his social media company’s merger with Digital World.
Trump Media’s stock tanked in Monday trading, closing at $48.66 per share, a 26.5% drop from its $66.22 close set on its first day as an independently traded public company.
Trump, who owns 78.5 million shares in Trump Media, about 57% of all shares, saw his stake in the social media business fall in value by $1.4 billion.
The plunge came after Trump Media unveiled its 2023 results for the first time, revealing full-year revenues of $4.1 million on a net loss of $58.2 million.