Donald Trump falls OUT of the top 500 rich after his meme stocks plummeted, pushing his net worth below $5.8 billion
- Shares of Trump Media continued to fall Monday and early Tuesday
- The drop took him off Forbes and Bloomberg’s richest list
Trump Media made another mistake on Monday, taking away some of the former president’s wealth and removing him from the Forbes rich list where he was only recently reinstated.
The blow came as Trump’s listed real-time net worth fell to $4.8 billion, following a rough debut for the merged company behind his Truth Social site.
Shares of Trump Media hit a high of $79 on March 26, but then fell more than 50 percent at the end of trading on Monday.
It fell again in early trading on Tuesday, with prices falling below $37 per share.
Monday’s decline came despite CEO Devin Nunes, a Trump loyalist and former Republican lawmaker, addressing the company on national television. He called it ‘the only game in town’ in a interview on Sunday Morning Futures with Maria Bartimo.
Former President Donald Trump has dropped the Forbes 500 richest people after shares in Trump Media continued to fall
Asked when the company would become profitable, Nunes responded, “Look, it’s important to remember, Maria, that these numbers are based on what was the longest IPO in history. So we were over-regulated.”
He said the platform offered “family-friendly and pro-American content,” while also saying, “We’re really the only game in town that can achieve this.”
“So when you actually look at the cost that we built with TRUTH Social, our beachhead against big tech, an impenetrable bridgehead that everyone said couldn’t be done without the help of big tech companies, that was built for a fraction of what many of these what big tech dinosaur companies were built for.”
Shares fell Tuesday morning after falling in value on Monday
Former Rep. Devin Nunes, who is CEO of Trump Media, spoke about the $200 million the company has in the bank and called the company the “only game in town,” following share price drops that some called it a meme stock to call.
The falling stock price also caused Trump to fall out of the market Bloomberg index of top billionaires.
He recently jumped on the list in late March when his net worth reached $6.4 billion.
With his 78 million shares, his stake in the company is still almost $2.9 billion, although he is not allowed to sell shares for a period of six months unless a board full of loyalists votes through an exemption.
That still leaves Trump with a healthy net worth, but he still faces a cash-strapped Trump. He relied on a billionaire to obtain bonds to pay a $175 billion court judgment, but New York AG Letitia James has raised concerns, noting that the company is not registered to issue bonds in the state.
Billionaire Don Hankey said he ‘probably not charged enough‘ when issuing the bond.