Former President Donald Trump's net worth has plummeted by $800 million since Vice President Kamala Harris entered the presidential race. That drop is largely attributed to the drop in the value of Trump's stake in Trump Media & Technology Group, the corporate owner of the social media platform, Truth Social. The company's stock price has fallen about 20% since Harris announced his candidacy.
Before Harris entered the race, Trump's stake in the company was valued at just over $4 billion. However, that figure has since dropped to around $3.2 billion. The decline coincides with national and battleground polls that indicate a tight race between Trump and Harris.
Interestingly, shares of Trump Media & Technology Group have become a tool for Wall Street traders to speculate on Trump's chances of returning to the White House. The belief is that Truth Social could serve as the primary platform for presidential communications should Trump win.
However, Truth Social has been struggling to establish a significant presence in the social media landscape. The data reveals that unique visitors to the platform fell 38% year-on-year in June, marking its third consecutive month of decline.
Despite these challenges, Trump Media & Technology Group, which went public in late March, is still valued at $5.3 billion. Trump remains a dominant figure in the company, owning 114.75 million shares and is its chairman.
However, some experts have expressed concern about the company's valuation, citing its minimal revenue and Truth Social's minor role in the social media world. To put things into perspective, despite generating 2,300 times more revenue last year, JetBlue's market value is less than half that of Trump Media.
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