In recent news, former President Donald Trump has been dropped off of Bloomberg’s list of the world’s 500 wealthiest individuals. This comes after a significant decline in his net worth due to the plummeting value of his meme stock. Trump’s wealth has fallen below the $5.8 billion threshold required to be included on the list, according to the Bloomberg Billionaires Index. Forbes estimates Trump’s total wealth at $4.8 billion, placing him at 659th in the world.
Just a few days ago, Trump held a position within the top 300 on Bloomberg’s index, ranking ahead of prominent individuals such as George Soros, Mark Cuban, and Giorgio Armani. This surge in wealth was primarily due to his ownership of approximately 58% in Trump Media & Technology Group (TMTG). TMTG merged with Digital World Acquisition Corp. and began trading under the ticker DJT in late March.
However, TMTG shares experienced a drastic decrease in value, dropping by 53% from its intraday high of $79 on March 26 to about $37 as of Monday’s close. This decline resulted in Trump’s net worth shrinking to around $2.9 billion from nearly $6.3 billion in just two weeks. Despite this decrease, TMTG’s market capitalization remains at approximately $5.1 billion.
The rapid decline in Trump’s net worth may be of particular concern to him, considering he recently faced a $454 million judgment in a New York fraud case and had to pay a $175 million bond while appealing the decision
