Trump's Net Worth Drops $900 Million as Truth Social Falters

Donald Trump's Net Worth Takes a Hit as Truth Social Falters

Donald Trump's net worth has reportedly taken a significant hit since Kamala Harris entered the presidential race. According to CNN, Trump's wealth has shrunk by an estimated $900 million, largely due to the declining value of his stake in Trump Media and Technology Group (TMTG), the parent company of his social media platform, Truth Social.

The value of TMTG stock has plummeted by 23% since July 21st, dropping from $4 billion to roughly $3.1 billion. This decline coincides with a period of bad news for TMTG, including dwindling audience numbers for Truth Social.

In June, Truth Social saw its unique visitors drop to just over 2.11 million, a 38% decrease compared to the same period last year. This marks the second-lowest traffic figure for the platform since its launch in February 2022, when it attracted 3.2 million visitors.

Media analyst Howard Polskin attributes this decline to a rejection of the harsh rhetoric prevalent on Truth Social. He believes this trend could negatively impact Trump's electoral prospects in November.

Despite the challenges, TMTG continues to pursue growth strategies. Earlier this month, the company announced its first major acquisition, involving technology to facilitate TV streaming on Truth Social. One of the companies involved in the deal, JedTech LLC, is controlled by James E Davison, a prominent Republican donor with business interests influenced by the federal government.