Donald Trump Falls Off Billionaire Ranking as Net Worth, Company Stock Price Nosedive
- Former US President Donald Trump has lost his place on a popular list of the world's richest people
- His exit from the ranking follows a recent drop in stock value for his social media company and ongoing legal battles
- Trump's net worth is put at approximately $4.8 billion, which still makes him the world's 652nd richest person
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Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
Donald Trump, the ex-President of the United States, has been removed from the Bloomberg Billionaires Index following a significant plunge in the stock price of Trump Media.
The Bloomberg Billionaires Index provides a daily ranking of the globe's 500 wealthiest individuals.
Source: UGC
This change comes in the wake of a significant decline in the stock value of his social media enterprise and continuous legal disputes.
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Trump Media stock price tumbles
Shares of Trump Media & Technology Group, the entity responsible for the Truth Social platform associated with the former president, experienced a surge in late March after its merger with Digital World Acquisition Corp (DWAC).
According to USAToday, the value has since sharply declined on the NASDAQ index, dropping from approximately $71 per share on March 27 to roughly $37 per share as of this Tuesday.
Following the merger of Trump Media with DWAC last month, Trump's net worth experienced a momentary surge, more than doubling and propelling him onto the Bloomberg Billionaire Index.
This marked his debut on the list of the 500 wealthiest individuals globally, with an approximate net worth of $6.5 billion.
Trump's current net worth
As of Tuesday evening, Bloomberg assessed Trump's net worth at about $4.8 billion, positioning him as the 652nd wealthiest individual globally.
Despite the significant decrease in the ex-president's wealth, his estimated net worth remains substantially higher than before the DWAC merger, which reportedly saw it reach a peak of $3.1 billion.
Several analysts contend that the inflated stock value likely stems from fervent investments by Trump loyalists.
Trump himself promoted the stock on Truth Social last Thursday, lauding the social media platform's financial position with "$200 million in cash and zero debt" and expressing confidence in its trajectory, citing a rapid surge in his follower count.
Donald Trump launches sneaker line
Meanwhile, Legit.ng earlier reported that Trump had launched his brand of sneakers, becoming the first US president to do so.
The launch came a day after a judge ordered Trump and his companies to pay a $355 million (N700m) fine in a fraud case.
Trump unveiled the sneakers at Sneaker Con in Philadelphia, where he called them the 'NEVER SURRENDER HIGH-TOP SNEAKER'.
He said he had been planning to launch them for over a decade and expected them to be a big success.
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Source: Legit.ng
