(MENAFN) Donald Trump, the former United States president, has been removed from the Bloomberg Billionaires Index following a significant decline in the stock market performance of Trump Media, the parent company of his online platform, Truth Social. The share price of Trump Media has seen a steady decrease over the past week, plummeting by 8.57 percent to USD34.26 per share at the close of trading on Wednesday. This sharp decline contrasts sharply with the stock's opening price of USD70.90 on March 26, the day it debuted on the public market, resulting in Trump Media's market value plummeting to approximately USD4.7 billion.
As a consequence of this downturn, Trump's net worth has fallen below USD5.8 billion, causing him to be removed from the Bloomberg Billionaires Index of the world's 500 richest individuals.
Nevertheless, Trump still holds the position of the 652nd wealthiest person globally, according to Investing.com. Forbes estimates Trump's total wealth at $4.8 billion, placing him as the 697th richest individual on their list.
In March, Trump Media & Technology Group merged with Digital World Acquisition Corporation, a shell company, and began trading under the ticker DJT. Trump owns approximately 60 percent of Trump Media, equivalent to 78.75 million shares. Shortly after the company's initial public offering, Trump's stake was valued at as much as USD6 billion, earning him a spot on the Bloomberg Billionaires Index. However, as of Wednesday, the value of his stake had plummeted to less than USD3 billion. Trump is unable to sell his shares until September without approval from the company's board.
Despite the high valuation following its IPO, Trump Media's financial performance has been lackluster. The company, which owns the Truth Social app, reported revenue of just USD4.1 million for 2023, accompanied by a net loss of USD58 million for the year. This underwhelming financial performance has contributed to the decline in Trump's net worth and his removal from the Bloomberg Billionaires Index.
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