Joe.My.God. LGBT News
Forbes reports:
The former president’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today. The biggest reason? His social media business, once hyped to the moon, has come crashing down, erasing $550 million from his net worth—so far. In December 2021, a group of big-money investors promised to inject $1 billion in cash into the venture—but only if they got a sweetheart deal.
By that point, shares were trading for $45 on the open market. But under the agreement, the new investors would be guaranteed a profit as long as the shares stayed above $10. When previously estimating the value of Trump’s stake, Forbes used that $10-per-share figure and came to $730 million.
Before it launched, an investor presentation suggested the app would attract 81 million users by 2026. Now, over a year after going live, it has only an estimated 5 million. Given that Trump owns roughly 85% of the business, the former president’s stake probably adds up to about $180 million today.
Read the full article. The remaining downgrade of $150 million comes from the reduced value of Trump’s real estate empire. As you’ll see in the above-linked piece, Forbes goes on to predict that Truth Social will join the graveyard of Trump’s many other failed ventures.
Donald Trump’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today. The biggest reason? His social media business, once hyped to the moon, has come crashing down. https://t.co/WktsoTEdMA
— Forbes (@Forbes) April 3, 2023