Trump has lost $4 billion in Truth Social wipeout
Source: CNN Business
Published 5:30 AM EDT, Mon September 9, 2024
New York CNN — Former President Donald Trump’s social media company is in a deep slump that keeps getting worse, wiping out a huge chunk of his net worth.
Shares of Trump Media & Technology Group (DJT) dropped last week to their lowest level since the merger that brought the owner of Truth Social public this spring. Trump Media has lost about three-quarters (74%) of its value since peaking at $66.22 on March 27.
The selloff has erased significant amounts of wealth for investors — including Trump. Trump’s dominant stake of 114.75 million shares was valued at $6.2 billion on May 9. It’s now down to about $2 billion, a sharp drop that has knocked Trump off the Bloomberg Billionaires Index of the world’s 500 richest people.
The wipeout reinforces concerns raised by experts who have repeatedly warned that Trump Media’s multi-billion-dollar price tag defies logic. The company is losing money, generating very little revenue and Truth Social remains a relatively tiny player in social media. “If this wasn’t Trump, this thing would be trading at $1,” Matthew Tuttle, CEO of Tuttle Capital Management, told CNN in a phone interview.
Read more: https://www.cnn.com/2024/09/09/business/trump-stock-truth-social/index.html
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He bought into it bigly! 
He's probably never washed a dish in his life. They'd have to teach him from scratch! 
Of course, they probably use commercial dishwashers in those places. His job might just be to scrap all the yucky leftovers into the garbage disposal and load the dishes into the machine. Either way, the thought is pretty funny.
And the republicons who so admire him are determined to ride his lies to their political graves.
... successful business man in the White House. The government must be run like a for profit business - trDUMP has all the required skills.
USA,... USA,... USA.
Enjoy that second cup! 
for snickering at this headline? 
Belly-laughing? NO, we're all doing that. 
The original value of the stocks was so overblown that there was no way he'd actually get that much for the stocks, once they were up for sale. Other Wall Street stockbrokers saw through that immediately.
The really awful part of this story is the way Chump tried to screw his young partners out of their rightful share. They put in all the legwork and expertise to build up the company, they probably worked for almost nothing to get the company off the ground. So they had to go court and sue Chump to keep ownership of the shares that were their part of the original deal.
Why would anyone want to enter a partnership with Chump? It's never going to end well.
