Donald Trump crashes out of the Bloomberg rich list due to his meme stock nosediving

The company that owns Truth Social has plunged 53% from its peak two weeks ago, slashing Donald Trump's net worth by more than $3 billion.

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Tinyhanded Retard crashes out of the Bloomberg rich list due to his meme stock nosediving

Theron Mohamed
Apr 9, 2024, 3:07 AM PDT

Donald Trump. AP Photo/Evan Vucci

Donald Trump has fallen off Bloomberg's list of the world's 500 wealthiest people.The former president briefly ranked in the top 300 due to his stake in Truth Social's owner.TMTG stock has plunged 53% from its intraday peak two weeks ago, slashing Trump's net worth.

TMTG shares hit an intraday high of $79 on March 26, valuing Trump's stake at close to $6.3 billion. But the stock has plunged by 53% since then to about $37 at Monday's close, slashing the worth of Trump's position to about $2.9 billion — a $3.3 billion decline in two weeks.

The initial buying frenzy also boosted the company's market capitalization to about $11 billion at its peak, making it more valuable than Paramount, Etsy, Hasbro, American Airlines, or Ralph Lauren.

TMTG is now worth about $5.1 billion. That's still more than 1,200 times the $4.1 million of revenue it earned last year, which fueled a net loss of $58 million for Truth Social's parent company.

Trump may be especially displeased with his plunging net worth, given he's been slapped with a $454 million judgment in a New York fraud case, and had to pay a $175 million bond demand while he appealed the decision.

Barry Diller says Trump Media is 'a scam' and people buying shares are 'dopes'

The media mogul Barry Diller had harsh words for the Truth Social owner Trump Media and its shareholders.

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Barry Diller says Tinyhanded Media is 'a scam' and people buying shares are 'dopes'

Camilo Fonseca
Apr 4, 2024, 1:38 PM PDT

Barry Diller, the chairman of IAC, had some harsh words for Trump Media and its shareholders. Mike Blake/REUTERS

Barry Diller says shareholders of Truth Social's owner have been scammed.The IAC chairman pointed to Trump Media's low revenue and said he doubted Truth Social would grow.Shares for Trump Media & Technology Group initially surged after going public but have since tumbled.

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Barry Diller has a message for Trump Media shareholders: "I think they're dopes."

Trump Media & Technology Group, the owner of the Truth Social app, enjoyed a soaring debut when it went public last week, attracting the interest of retail investors and the "meme stock" crowd.

But that moment in the sun was short-lived, and shares of the former president's social-media platform have since come crashing down to earth.

Diller, a media mogul who's the chairman of IAC and Expedia Group, didn't sound very optimistic about the stock's future when asked about it during a recent interview — and doesn't get why people were so excited about it in the first place.

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"Why are you even talking about this? It's a scam," Diller said in an interview on CNBC's Squawk Box on Thursday.

TMTG's total revenue in 2023 was just $4.1 million, according to a Securities and Exchange Commission filing on Monday — while it lost $58 million. Those numbers, Diller suggested, shouldn't indicate "buy" to any reasonable investor.

How many shares do you lemmings own?

Quote from Beej

Don't own any shares in Trump Inc, but Biden and his spending cost me $2,300 of my biggest 401k today (news: inflation up 3.5%)

Did Tinyhands' massive spending contribute to runaway inflation all over the world? Or was there something special about Biden's massive spending?