Trump’s Net Worth Plunges $700 Million As Truth Social Flops

The former president’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today. The biggest reason? His social media business, once hyped to the moon, has come crashing down, erasing $550 million from his net worth—so far.

Trump’s diehard fans are not as excited by Truth Social as they once were. The Department of Justice, Securities and Exchange Commission and Financial Regulatory Agency are all examining the venture, looking at things such as trading activity and communications between the SPAC and Trump’s business. Meanwhile, the SPAC, which fired its chief executive last month, only has until September 8 to complete the merger. Further complicating matters, Elon Musk bought Twitter in October, and promptly reversed the ban on Trump and other right-wing figures. That undermined the case that the world needed a more-conservative version of Twitter. Today, shares of Trump’s SPAC are 92% off their highs, trading at $14 apiece, a level that suggests the former president’s business is worth $1.2 billion.

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[janisackendorf]

Has anyone considered that “Truth Social” tanked because it couldn’t live up to its name?

[timdoggy]

Everything donnie touches dies
Don't feel sorry at all for the investors, they knew who they dealing with

[LK-bzsk]

How can his net worth pouch even seven bucks? He lives in debt and on grift handouts.

[johnwilson]

When Elon bought Twitter and started reducing censorship of hate speech and extremism big advertisers started pulling their money. If that happened to Twitter how palatable do you think Trump's ridiculous little extremist platform is to the very advertisers he needs to survive? He completely misjudged this.

[JudgeDredd_]

Trash social. Why would you get involved with a social network if you don’t understand their poor business model?

[TheSateef]

he'll make the money back the old fashioned way, scamming his cult members

[MAI]

It’s seriously sad that he has that kind of money and begs for money from his people that is more than likely not doing very well financially

[katiehettinger]

Trump's first miscalculation was everyone wanted to hear from him. 😏👍💙🇺🇸🕊

[pikayell]

Sounds like everything else he's driven into the ground, including the country.

[jeremygonzalez]

Couldn't happen to a more deserving fellow

[ronnicolas]

This guy is definitely good at business failures.

[EmilyTienne]

No worries, Donnie...Lindsey is out there raising big bucks for ya. Lots of tears too!

[brandonmonroe]

Everything involving him flops. Look at the republican party.

[alcozar]

That valuation for Truth Social was BS like the rest of Trump’s wealth and business management.

[peterbland]

Forbes should dig into his “portfolio” and see what is real and what is smoke and mirrors

[zelcat]

He was a rich man until Ivana divorced him over the Marla Maples scandal. Ivana was the brains of his outfit. The money he makes now is from scamming naiive fans who still think he's the tycoon they saw on teevee. He lives on a throne of lies.

[deniseeugene]

As New Yorkers we are use to his failures. Casinos, airlines, football teams, charities, universities, steaks wines etc.

[mattmiller]

Every business venture of trumps goes out of business or he files bankruptcy, again!

[diannefaith]

He is a crook!! Lock him up already!!!! 😡

[peterw]

This, of course assumes he was worth $700 million in the first place.