Donald Trump’s net worth tumbled on Monday as Trump Media shares plunge to a four month low following a disappointing earnings report and the former president’s return to X/Twitter.
Trump Media stock fell 5% to below $25 per share, closing at its lowest share price since April 16.
The tumble comes after Trump Media, which operates the Truth Social site, reported a net $836,900 in revenue. It was the third straight quarter of earnings hovering around roughly $800,000 in revenue. Forbes noted that it is “an extremely low number for a company with a market capitalization of about $4.7 billion.”
It also did not help that Trump returned to Truth Social’s biggest rival X, on Monday ahead of his interview with the CEO Elon Musk.
As Trump Media’s majority shareholder, Trump lost about $170 million of his net worth due to the stock’s slump, according to Forbes.
The company’s value also dropped from $4.9 billion to $4.7 billion, Forbes reported.
Trump Media had a strong stock market debut, reaching a share price of $79.38 on its first day of trading. But experts warned at the time it is reminiscent of the meme stock craze and recent filings underscore that.
