Trump’s net worth plummeted by $2 billion! The share price of ＂Know the King Concept Stock＂ was denounced as ＂a scam＂

According to Cailian News, in just half a month, the share price of Trump Media Technology Group (hereinafter referred to as "Trump Media"), the parent company of Trump’s social media Truth Social, turned from skyrocketing to plummeting, and Trump’s own net assets also took a roller coaster ride. More than $2 billion in assets that had soared before were also wiped out in just one week.

Trump Media shares plummeted this month.

At the end of last month, after the reverse merger with a bad check company, Trump Media landed in the US stock market and traded under the DJT stock code.

Due to Trump’s ultra-high traffic, this "backdoor listing" transaction also attracted a lot of attention. The company’s share price also opened 55% higher on the first day of listing and finally closed at 16.%.

Trump media stock price trend

However, this kind of scenery did not last long: since the beginning of this month, the share price of Trump Media Technology Group began to plummet, and almost all the gains since listing have been basically retreated in the last week, which has fallen to the lowest level since the first trading day of listing, down 50% from the peak price of $79.38.

At the same time, Trump’s net worth is rapidly evaporating. Trump owns about 79 million shares of the company, accounting for nearly 60% of its shares.This means that the value of his stock has evaporated by about $2 billion since the stock began to fall sharply on April 1.

This is definitely bad news for Trump. The former president of the United States is currently facing more and more judicial bills. If the stock price of Trump Media continues to decline according to this trend, by the end of the six-month lock-up period, he will have little money to cash out from this stock.

Listing is just "a scam"?

On the first day of Trump Media’s listing, the highest market value was as high as about $10.4 billion, even surpassing Reddit, a social media company that went public a few weeks ago.

However, the company’s fundamental performance obviously does not match its high valuation.

At the beginning of this month, the financial data disclosed by the company showed that the company’s revenue declined and its performance was bleak. By the end of last year, the company had exhausted almost all its funds. Without additional financing, it might not survive, let alone see much potential for future growth.

Many people compared it with some meme stocks and counterfeit coins. Barry Diller, a well-known media tycoon and former chairman of Paramount Film Company, is even more blunt.The listing of this stock is "a scam", and the investors who buy this stock are "idiots". He criticized:

"Investors must have bought this stock without considering the company’s financial situation. They bought it for other reasons. "

Original title: Trump’s net worth plummeted by $2 billion! The share price of "Know the King Concept Stock" was denounced as "a scam"

Editor: Mou Huilan Editor: Zhang Songtao Audit: Feng Fei