Trump net worth sheds $700 million
Ryan King
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Former President Donald Trump’s fortune plunged by $700 million between last fall and Monday, ringing in at $2.5 billion, according to a new appraisal.
Last year, Trump reclaimed his coveted spot on the Forbes 400 list of America’s richest residents after getting $700 million in his net worth, bringing it to $3.2 billion, a six-year high, the publication estimated last September. But that surge was largely driven by his Truth Social media empire, which has since evaporated significant value.
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So far, Truth Social has accounted for $550 million in losses from Trump’s net worth, according to Forbes. The social media environment has changed with Elon Musk’s takeover of Twitter and substantial belt-tightening across the tech sector. As of Monday, Truth Social shares were 92% off their highs and are trading at $14 a piece.
Trump’s net worth has also been afflicted by soaring interest rates that have been a drag on his portfolio. The $250 million civil fraud lawsuit lodged against his business empire last year looms large as well.
The former president has frequently boasted about his wealth and cited his business acumen during his time in the political arena. Trump has also often disputed estimates of his vast fortune, arguing he is worth far more.
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As his personal wealth appears to take a dip, Trump’s 2024 campaign appears to be enjoying something of a fundraising boost fueled by backlash to the Manhattan grand jury indictment against him.
Trump is set to be arraigned in court Tuesday. He is reportedly facing over 34 felony counts. Although the charges are sealed, the case is believed to stem from the alleged falsification of documents relating to a $130,000 hush-money payment made to porn star Stormy Daniels that occurred in the 2016 election cycle.