Trump’s Net Worth Plummets By $1 Billion As Truth Social Shares Drop 25% After Company Reveals $58 Million Loss

Former President Donald Trump‘s social media platform, Truth Social, lost almost a quarter of its shares’ value after the company revealed it lost $58 million in 2023.

Truth Social was formed by Trump Media & Technology Group after Trump was banned from X, known as Twitter at the time, in 2022. This week, the platform went public, allowing Trump to earn more shares and $300 million on paper.

With the stock slide on Monday, Trump’s net worth dropped $1 billion in one day and $3.5 billion compared to last week when share prices reached record highs.

Numbers dropped after the company’s SEC filings showed a $58.2 million net loss in 2023 compared to only $4.1 million in revenue. In 2022, the company lost $50.5 million with just $1.5 million in revenue. TMTG currently holds 78 million shares. Despite its 24% drop on Monday, shares are up 200% this year. Wall Street valued the company at $11 billion.

Its competitor, X, generated $5 billion in revenue before falling under the private ownership of billionaire Elon Musk.

An increase in share value may offer an escape route for the former president who faces numerous legal battles and bills. This month, Trump said he could not post a $464 million bond in his civil fraud case despite claiming he had $500 million in cash on hand. An appeals court later reduced the bond amount to $148 million.

Fox Business host Stewart Varney recently predicted the shares’ value would sink in November if it appeared that Trump would lose to President Joe Biden.

“I think it’s almost like a meme stock, and that’s the way it’ll play out,” Varney said on air. “It’s a bet on whether Trump wins or loses in November of this year. If he loses, I think the stock goes way down. If he wins or looks like he’s going to win, I think the stock does well because then Truth Social will do well.”