Donald Trump Is No Longer on the Bloomberg Billionaires Index as Truth Social Stock Continues to Fall Further

By Jace Dela Cruz

Apr 11, 2024 05:18 AM EDT

Donald Trump is no longer on the Bloomberg Billionaires Index, as shares of Trump Media & Technology Group, the parent company behind the former president's social media platform Truth Social, continue to slip in recent days.

Donald Trump's Truth Social Stock Continues to Fall

According to CNBC, the share price of Trump Media plunged 8.6% to $34.26 on Wednesday after already losing 12% on Friday and 8% on Monday.

USA Today reported that after making up some lost ground on Tuesday, the stock price dropped again on Wednesday, putting the company's market value below $4.7 billion from nearly $8 billion after its stock market debut.

Wednesday has reportedly been the stock's lowest trading day since Trump Media started trading under the ticker "DJT" on March 26. Since its debut on the Nasdaq, Trump Media's shares have been on a rollercoaster ride.

The stock price soared as high as $79.38 on March 26 but quickly dropped to $66.22 on March 27. Trump Media's shares have already lost more than half of their value since its peak in late March.

Donald Trump Is No Longer on Bloomberg Billionaires Index After Truth Social Stock Plunges

Donald Trump owns 78.8 million shares in Trump Media, which was launched in 2021. Thus, these price dips over the past two weeks have significantly impacted the former president's net worth.

Trump earned a spot on the Bloomberg Billionaires Index after his stake in Trump Media became worth as much as $6 billion after the company went public. However, as of Wednesday, Trump's shares were worth less than $2.7 billion, which led to his removal from Bloomberg's list of the 500 richest people.

As of Wednesday afternoon, Forbes listed the former president's net worth at $4.6 billion, which made him the world's 696th wealthiest person. As of Tuesday, the lowest net worth in the Bloomberg Billionaires Index was $5.81 billion.

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