Former US President Donald Trump exited a Bloomberg Billionaires’ list as Truth Social shares plummeted on Tuesday. The Republican leader had joined the world’s richest earlier this month as Trump Media began trading at $78.
The development comes at a time when the businessman-turned-politician is facing millions in legal payouts as well as the rising costs of a presidential campaign — sparking fresh debate about his net worth.
The merger of Trump Media with Digital World Acquisition Corp had added billions of dollars to the politician’s net wealth last month. However the company has since lost some $2.8 billion as the stock fell about 44% from its closing high of $66.22 on March 27.
Donald Trump owns a nearly 60% stake in the company and remains subject to a lockup agreement that prevents him from selling for six months.
Trump has seen the valuation of his stake slide sharply downward from around $6 billion last month — eventually exiting the Bloomberg billionaire’s list on Wednesday. According to a Forbes tally, Trump’s net worth had stood at $6.4 billion on March 26. More recently, it appears to have dipped below 500-ranked computer software developer John Sall who has a net worth of $5.81billion.
Livemint
