Former President Donald Trump saw his net worth plummet on Monday as his shares of his social media company tanked after a report showed the platform lost $58 million in 2023. As a result, Forbes tracked Trump’s net worth as dropping by 15.5 percent as he lost some $1 billion.
Trump Media, which trades under DJT, closed at $48.66 on Monday after sliding a massive 21.47 percent. The company’s stock peaked last Tuesday at $79 as it first began to trade publicly – since then the company has lost some 35% in value.
Fox Business’s Charlie Gasparino explained earlier in the day why Trump Media is a bad bet for stock buyers.
“Well, I mean, listen, let’s be real clear. You didn’t need the company to disclose this, to know it,” Gasparino said about the company’s losses, adding:
I mean, I said it on your on your show. I said it on Neil Cavuto show, and it’s simply this, you know, social media is a tough business. Twitter, in its form now with millions, hundreds of millions of daily active users barely breaks even, sometimes, when it was a public company, you don’t know now because Elon took it private.
But you know one of the reasons why he tried to get out of the deal during that whole dance with with the former management was because he looked at the balance sheet and it shows this thing is barely profitable. Sometimes it’s not profitable, you know, it’s all over the place and it’s a rough business. So now you take that scale and you put it towards Truth Social. That’s the Donald Trump, social media network. You know, along the same lines, basically the same business model.
And you’re talking about a fraction of the users, a fraction of it, and then you start thinking about, okay, it has, computer systems, it has upkeep. You factor all that in. And, you know, I knew, you know, Neil Cavuto knew that it was not making money. Now, when you don’t make money and you’re a public company and they are a public company now trading under the symbol, DJT, you’re going to have to, do two filings and basically tell the investing public material event, one material event or a couple of them was that it’s losing tons of money, as we know. But also, I think one of the other things in there that was, striking was that it did warn that this I got to get the exact language, but it said something along the lines of, you know, that this has a very questionable future, meaning it might not be around so long.
So, you put all that together and you got a massive move downward in the stock. This I think the stock would go down more if Donald wasn’t holding. Obviously. So Donald controls 60% of the shares. You know, once he starts selling, if he sells and I, this is my personal belief, nothing I know. I think he will, because I don’t think he wants to sit on, you know, the paper while it as a, you know, in a slow burn, you know, this thing could go down really fast, really, you know, really fast and really hard.
Watch the clip above via Fox Business.
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