- Trump Media shares continued to drop Monday and early Tuesday
- The drop took him off the Forbes and Bloomberg wealthiest list
Trump Media took another slide Monday that took a chunk out of the former president’s net worth and knocked him off the Forbes rich list he had only recently reentered.
The blow came as Trump’s real time net worth on the list dropped to $4.8 billion, after a rough debut for the merged company behind his Truth Social site.
Trump Media stock hit a high of $79 March 26, then dropped more than 50 per cent by the close of trading on Monday.
It was down once again in early trading Tuesday, with prices dipping below $37 per share.
Monday’s drop came despite company CEO Devin Nunes, Trump loyalist and former Republican lawmaker, talking up the company on national television. He called it ‘the only game in town in an interview on Sunday Morning Futures with Maria Bartiromo.
Asked when the company would turn profitable, Nunes responded, ‘Well, look, it’s important to remember, Maria, that those numbers are based on what was the longest IPO in history. So we were over-regulated.’
He said the platform provided ‘family friendly and pro-American content,’ while also saying, ‘We’re really the only game in town that can accomplish this.’
‘So, if you actually look at the cost that we built TRUTH Social, our beachhead against big tech, an impenetrable beachhead that everybody said couldn’t be done without using big tech companies, that was built for a fraction of what many of these big tech dinosaur companies were built for.’
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