Former President Donald Trump’s net worth has dropped more than $1 billion Wednesday, as shares in Trump Media & Technology Group plummeted 20%, ending a dayslong rally for the company’s stock as Election Day nears.
Trading in the Truth Social parent’s stock was briefly halted earlier this week after periods of ... [+]
Shares of Trump Media fell to just over $41 as of around 1:10 p.m. EDT, following three straight positive trading sessions for the company.
The value of Trump’s roughly 57% stake in Trump Media—totaling 114.75 million shares—decreased from $5.9 billion Tuesday to $4.7 billion.
Nasdaq halted trading for Trump Media five times Tuesday, citing volatile trading for the stock after the company surpassed its 30-day average trading volume in less than an hour, a series that sent the stock down more than 2% before finishing the day up nearly 9%.
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238%. That’s how much Trump Media’s shares increased between starting Oct. 1 at $16.16 and hitting a high of $54.68 on Tuesday.
Trump’s net worth is valued at $6.9 billion after decreasing by $1.2 billion (14%) Wednesday, according to our latest estimates. His fortune has swelled this month as Trump Media’s shares reached their highest level since June 5. Trump’s net worth Tuesday eclipsed the $8 billion threshold for the first time since the company went public in March.
Trading in Trump Media’s stock has become more volatile in recent weeks as it has skyrocketed in tandem with betting odds moving toward Trump in the presidential election. Trading in the stock was briefly halted earlier this month, as shares fell by more than 14% after trading up more than 13%. Trump Media’s shares also appeared to benefit earlier this week from Trump’s rally at Madison Square Garden, sending the stock back above $50 after previously falling to just below $12 last month. Trump has said he would not sell his stake in the firm despite recently becoming eligible to do so.