Trump lost $900 million since Harris ran
The former US President's fortune has declined, as Trump Media shares have lost value in recent weeks following new developments in the election.
On July 21, US Vice President Kamala Harris entered the race for the White House, replacing US President Joe Biden . Since then, shares of Trump Media & Technology Group - the media company of former President Donald Trump - have fallen 23%. Of which, in the past 5 days, this code has fallen more than 13%.
This caused the value of Trump's shares in the company to evaporate by $900 million. At the time of July 19, before Mr. Biden announced he was ending his campaign, these shares were worth more than $4 billion, but now have decreased to $3.1 billion. Trump's total assets are currently $5.9 billion, according to Bloomberg.
Trump Media shares have been selling off as multiple US polls show a tight race between Trump and Harris. The stock has now become a betting tool for investors on the former president's return to the White House. His social network Truth Social could also become the president's media outlet if Trump wins.
Trump Media stock performance over the past 6 months. Chart: Google Finance
Trump Media shares surged in June after the first televised debate between Trump and Biden, and continued to rise last month after an assassination attempt in Pennsylvania.
Still, Truth Social, the social network run by Trump Media, has struggled. In June, its unique visitors fell 38% from a year earlier, marking the third straight month of declines, according to data firm Comscore.
Since its listing in late March, the stock has been volatile. Experts classify the media company as a stock that moves up and down based on investor sentiment rather than fundamentals. The former president owns more than 60% of the company, is its chairman, and is the most active user on the platform. The company is currently valued at $5.1 billion.
Analysts say the company is overvalued because of its small revenue and small user base compared to other social networks. For example, Trump Media’s market cap will be twice that of JetBlue in 2023. But the media company’s revenue was just $4.1 million last year, 2,300 times less than JetBlue’s ($9.6 billion).
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