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Frequent Donald Trump’s social circle for long enough (not recommended) and you’ll likely boast an eye-watering net worth, with folks like Stormy Daniels reaping some handsome rewards for their proximity to the not-so-handsome former President.
Even Trump himself was last week reported to have a net worth somewhere north of $9 billion, though he has been reluctant to fork out any of that for his myriad of legal woes in the past. It appears the Presidential hopeful might be in strife, however, following recent news that Trump’s net worth has plunged substantially, a no-doubt troubling development for someone who authored a book called The Art Of The Deal and oversaw budding businesspeople as the host of The Apprentice.
So, why was Trump’s net worth dealt with such a heavy blow?
How did Donald Trump’s net worth plunge $1 billion?
In early 2024, it was reported that Trump’s net worth plunged $1 billion due to the tanking share price of Truth Social, the social media platform he founded and launched in 2022. Forbes reported that the platform’s owner, Trump Media & Technology Group, lost more than $58 million throughout 2023 and made very little revenue.
Given that Trump is the company’s majority shareholder, his net worth was dealt a billion-dollar blow, with stocks in Truth Social plummeting by 21 percent. As a result, the Truth Social owner generated just $4.1 million in revenue throughout 2023. For comparison, Truth Social rival X (formerly known as Twitter), once generated almost 100 times Trump’s 2023 revenue, raking in $665 million in 2013.
So perilous are the finances that Trump’s accountants shared a statement raising concerns over the future of Truth Social. Per CNN, accountants said there is “substantial doubt about [Truth Social’s] ability to continue,” which is Wall Street lingo for ‘we are in trouble.’ Much of the troubles faced by Truth Social boil down to its shrinking usage since launching in 2022.
Monthly active US users of the platform have plunged 51% year after year, reaching a low of 494,000 in February 2024. Meanwhile, X boasts 75 million monthly active US users and even Threads reported 23.7 million active monthly users in the US in 2023. The dire state of Truth Social has an impact on Trump’s net worth, but even that figure has proven to be murky.
Financial Review reported that the Former President was worth $9.8 billion in February 2024, but because much of that is based on Trump’s inflated value of various real estate properties, economists believe his net worth is probably much lower. In any case, we just hope Stormy Daniels continues laughing all the way to the bank.