Former President Trump's net worth fell more than $1 billion on Wednesday as his social media company took a sudden dive. Indeed, it was "the worst-ever day" for Trump Media and Technology Group, whose shares fell 22.3%, the largest percentage since the company went public in March, CNN reports. In the last month, shares had shot up more than 200%, per Newsweek. The sudden fall meant Trump's 57.3% stake in Truth Social's parent company, valued at $5.9 billion on Tuesday, dropped to $4.6 billion, reflecting a $1.3 billion loss in a single day.
The stock closed at $40.03 per share on Wednesday, compared to $51.51 on Tuesday, when Truth Social was briefly considered more valuable than X. "Some traders blamed the steep selling on technical factors and a loss of momentum for what has become a meme stock," per CNN. As Trump Media and Technology Group has been losing money, the stock's movement has largely been viewed as a gauge of Trump's chances of winning the November election. Yet polls continue to show him neck-and-neck with Vice President Kamala Harris in the race for president. "If [Trump's] political career ends next week, it's hard to see how the company could be sustained," per Barron's. (More Trump Media and Technology Group stories.)
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