Topline
Shares of Trump Media and Technology Group, the parent company of the president’s Truth Social platform, fell by more than 8% on Thursday and wiped more than $200 million from President Donald Trump’s net worth, as the president publicly clashed with billionaire Elon Musk—whose personal fortune nosedived nearly $27 billion amid a selloff in Tesla shares.
Truth Social's parent company, Trump Media and Technology group's shares fell by 8% amid the ... More
The stock price of Trump Media and Technology Group, which trades on Nasdaq under the DJT ticker, dropped by 8.04% on Thursday to $20.12.
The social media company’s shares began the day slightly in the red, but fell steeply in afternoon trading as Musk alleged, without evidence, that Trump’s name was on the “Epstein files,” and backed calls for his impeachment.
Musk’s side of the feud mostly played out on the billionaire’s social media platform, X, while the president used his Truth Social platform to respond, where he threatened to “terminate Elon’s Governmental Subsidies and Contracts.”
Amid the intense social media feud, several users reported on Downdetector that the TMTG-owned platform was inaccessible to them, with the President’s personal feed appearing blank with the message “No Truths.”
According to our estimates, President Donald Trump’s net worth stood at $5.4 billion early on Friday, after dropping around $202 million amid Thursday’s selloff. Despite this, the president’s fortune remains more than double what it was at the start of 2024.
In after-hours trading, Trump Media’s shares briefly slumped to $19.30. However, signs of a potential truce between Musk and Trump have triggered a slight recovery in the premarket. In early trading on Friday, the social media company’s share price went up around 1.15% to $20.35. Tesla has also seen a recovery, with the electric vehicle maker’s stock price rising by 4.55% to just below $298.