Donald Trump’s wealth has suffered since the former president was indicted last month by a Manhattan grand jury. His net worth fell to an estimated $2.5 billion today from $3.2 billion last fall, Forbes reported.
Trump faces charges for possibly offering hush money payments before the 2016 presidential election.
On Monday, Trump responded to the indictment on his social media platform saying, “THE RADICAL LEFT DEMOCRATS HAVE CRIMINALIZED THE JUSTICE SYSTEM. THIS IS NOT WHAT AMERICA WAS SUPPOSED TO BE!”
Since starting Truth Social in late 2021, Trump has lost an estimated $550 million on the venture, according to Forbes.
Trump’s move to Truth Social drew supporters to the social media platform’s special purpose acquisition company (SPAC), Digital World Acquisition Corp., sending its stock price from $10 to $175 in just 48 hours, Forbes reported, suggesting the business was worth $22 billion, with Trump’s interest totaling $19 billion.
STUART VARNEY: TRUMP INDICTMENT IS A ‘DELIBERATE DISTRACTION’ TO KEEP HIM OUT OF POWER
In December 2021, a group of investors promised to give $1 billion in cash to fund Truth Social, but only if they got a sweetheart deal. At that time, shares were trading for $45 on the open market.
Under the agreement, new investors would receive a profit if shares stayed above $10.
Currently, the Department of Justice, Securities and Exchange Commission and Financial Regulatory Agency are looking over the business, including trading activity and communications between the SPAC and Trump’s business.
TRUMP MEDIA MERGER PARTNER SHARES RISE
On Monday, data compiled by Forbes showed shares of Trump’s SPAC are 92% off their highs, trading at $14 apiece, implying Truth Social’s worth today is just $1.2 billion.
The social media platform is adding an estimated 100,000 users per month, according to Forbes. At this pace however, Truth Social will not hit its projected 81 million users until 2086.