Trump lost $2.4 billion as shares of Truth Social owner plummet

According to the channel, TMTG shares lost approximately 41% of their value from October 30 to November 1. They fell 14% on Friday after falling 12% on Thursday and 22% on Wednesday. The October 30 drop was the largest one-day drop in stock prices since TMTG went public in March 2024, CNN notes.

From October 29 to November 1, the value of Trump’s stake in TMTG decreased from $5.9 billion to $3.5 billion, the television station said.

At the close of the session on November 1, TMTG shares were trading at $30.56 per share on the Nasdaq, down 13.53% from the close of the previous session.

As CNN points out, the value of TMTG shares has fallen after a long rise, driven by Trump’s re-election prospects for a new presidential term, and not by the actual situation of his company. If Trump wins the Nov. 5 election, the stock could continue to rise, otherwise TMTG “will go back to being a barely profitable company with meager earnings,” said Steve Sosnick, chief strategist at Interactive Brokers.

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On October 29, The Guardian reported that TMTG’s market capitalization had risen to $10.3 billion, allowing Trump’s service to briefly surpass Elon Musk’s social network X in value, which is estimated at 9.4 billion dollars.

Despite this, X remains a much more popular platform compared to Truth Social, according to Similarweb data from September. first It was visited by 706.2 million users, and the second by 13.5 million.

CNBC previously wrote about a record number of wealthy Americans wanting to leave the country after the election. Immigration lawyers and consultants say residents fear political and social unrest.