Donald Trump lost $700 million in net worth

The above figures were released by Forbes magazine on April 3. Accordingly, former US President Donald Trump has lost a total of more than 700 million USD since last fall, largely due to the ineffective operation of the social network Truth Social. This social network has caused Mr. Trump to lose 550 million USD in net worth.

Previously, in October 2021, Mr. Trump announced plans to create his own social network after his Twitter and Facebook accounts were locked. Shares of Digital World Acquisition, the company behind the social network Truth Social, then increased in value from $10 to $175/share within 2 days.

Former US President Donald Trump. Photo: Forbes

By December 2021, a group of investors had committed $1 billion in cash to Mr. Trump’s venture. At the time, Digital World Acquisition’s stock was trading at $45 a share. Under the deal, the new investors would be guaranteed profits as long as the stock stayed above $10 a share.

Things changed after the Justice Department , the Securities and Exchange Commission, and the Financial Conduct Authority began looking into the business dealings between Digital World Acquisition and Mr. Trump. Currently, the company's stock price has dropped to $14/share (a loss of 92% of its peak value).

With a loss of $700 million in net worth, Mr. Trump dropped 205 places on the Forbes list of world billionaires and is now at number 1,217.

In addition, Mr. Trump's real estate portfolio in Manhattan, New York City - USA also decreased from 1 billion USD last year to 770 million USD as of this time, due to rising interest rates.

However, a new analysis of business records suggests that Mr Trump may have "lied about the size of Trump Tower" by claiming the building had nearly 240,000 ^square feet of retail and office space, while records listed it as having nearly 220,000 ^{square feet} , including nearly 5,000 square feet of less valuable space such as elevators, public restrooms and more.

Source: https://nld.com.vn/thoi-su-quoc-te/ong-donald-trump-mat-700-trieu-usd-tai-san-rong-20230405130117239.htm