Donald Trump's net worth took a major hit as he lost hundreds of millions of dollars, with his shares in his media company dropped following his conviction in a New York hush-money trial.
As reported by The Guardian, the Trump Media & Technology Group's stock closed down 5.3% on Wall Street, reducing the value of Trump's stake from $6 billion to approximately $5.6 billion.
This decline follows an impressive market debut in March, which boosted his net worth by billions and placed him among the world's 500 wealthiest individuals.
Trump Media Shares
However, shares in Trump Media have been highly volatile. VCPost reported that it plummeted 9% but increased again on Friday, May 31.
Since its listing, Trump Media's stock has experienced major fluctuations, and recent financial returns have not matched its market success.
The company's net losses increased from $210 million to $328 million in the first quarter of this year, while revenue dropped 31% to $770,500.
Following social media enthusiasm, particularly on its platform Truth Social, Trump Media has become a meme stock, with retail investors encouraged to buy shares. Following his conviction, some Trump supporters urged others to invest in the company.
For Trump to regain billions from selling his majority stake, Trump Media must maintain its recent elevated trading levels.
Due to a lock-up agreement, Trump is restricted from selling his stake until September.
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