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Donald Trump has fallen off Bloomberg’s list of the world’s 500 wealthiest people.
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The former president briefly ranked in the top 300 due to his stake in Truth Social’s owner.
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TMTG stock has plunged 53% from its intraday peak two weeks ago, slashing Trump’s net worth.
Donald Trump has crashed out of the ranks of the world’s 500 wealthiest people after the value of his meme stock nosedived.
The former president has fallen off the Bloomberg Billionaires Index as his net worth has dropped below the $5.8 billion required to make the cut. Forbes’ rich list pegs Trump’s total wealth at $4.8 billion, ranking him 659th in the world.
Trump held a top 300 spot on Bloomberg’s index only a few days ago, ahead of the likes of George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, and Bernie Marcus.
The wealth of the presumptive Republican presidential nominee surged this year due to his 78.75 million shares, or at least 58% stake, in Trump Media & Technology Group. TMTG merged with Digital World Acquisition Corp. and began trading under the ticker DJT in late March.
TMTG shares hit an intraday high of $79 on March 26, valuing Trump’s stake at close to $6.3 billion. But the stock has plunged by 53% since then to about $37 at Monday’s close, slashing the worth of Trump’s position to about $2.9 billion — a $3.3 billion decline in two weeks.
The initial buying frenzy also boosted the company’s market capitalization to about $11 billion at its peak, making it more valuable than Paramount, Etsy, Hasbro, American Airlines, or Ralph Lauren.
TMTG is now worth about $5.1 billion. That’s still more than 1,200 times the $4.1 million of revenue it earned last year, which fueled a net loss of $58 million for Truth Social’s parent company.
Trump may be especially displeased with his plunging net worth, given he’s been slapped with a $454 million judgment in a New York fraud case, and had to pay a $175 million bond demand while he appealed the decision.
Read the original article on Business Insider
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