June 24, 2024

It appears that Donald Trump lost $700 million

Donald Trump lost many places in the “Forbes” list of billionaires. What is behind the heavy losses of the former US president.

Former US President Donald Trump’s wealth has apparently declined by $700 million (about 639 million euros) since the fall of 2022 and now stands at $2.5 billion (about 2.25 billion euros). This is according to the estimate of Forbes. Trump fell 205 places to 1,217 on the magazine’s billionaires list. The reason is the SMS service Truth Social: the social media business has so far brought Trump a loss of 550 million dollars (about 505 million euros).

The Republican launched the platform in October 2021 after Twitter suspended him for storming the Capitol and spreading fake news.

In 2022, Trump regained his place in the Forbes list of the 400 richest citizens in America after his net worth increased by $700 million to $3.2 billion. It was largely due to the creation of Truth Social, according to the report, that Trump initially caused an uproar among his supporters.

Inventories were 92 percent below their peak

But, among other things, Elon Musk’s acquisition of Twitter and massive austerity measures across the entire tech sector have changed the social media environment and business has collapsed. For example, on April 3 of this year, shares of Truth Social were down 92 percent from their peak and are currently trading at $14 a share. At first, the value was temporarily 175 dollars (about 160 euros) and then it fluctuated around 45 dollars (about 41 euros).

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Currently, about 100,000 new users sign up for Truth Social every month. According to Forbes, the total number is estimated to be around five million. At launch, Trump predicted the network would have around 81 million users by 2026. As reported by Forbes, some Trump supporters are no longer as enthusiastic about Truth Social as they were at first.