Former US President Donald Trump’s fortune has apparently fallen by $700 million (about €639 million) since autumn 2022 and is now at $2.5 billion (about €2.25 billion). That’s according to an estimate by Forbes.
Trump slipped 205 spots to 1,217 on the magazine’s list of billionaires. The reason is the short message service Truth Social: The social media business has so far brought Trump a loss of 550 million dollars (about 505 million euros).
The Republican launched the platform in October 2021 after Twitter temporarily suspended him for storming the Capitol and spreading fake news.
In 2022, Trump regained his spot on Forbes’ list of America’s 400 Richest Citizens after his net worth increased by $700 million to $3.2 billion. This was largely due to the creation of Truth Social, according to the report, as Trump initially created hype among his supporters.
Stocks were 92 percent below their peak
But, among other things, the takeover of Twitter by Elon Musk and significant austerity measures in the entire technology sector have changed the environment of social media and business has collapsed. For example, on April 3 of this year, shares of Truth Social were down 92 percent from their peak and are currently trading at $14 a share. Initially, the value was temporarily at 175 dollars (about 160 euros) and then fluctuated around around 45 dollars (about 41 euros).
Around 100,000 new users are currently registering on Truth Social every month. According to Forbes, the total number is estimated at around five million. At launch, Trump predicted that the network would have around 81 million users by 2026. As “Forbes” reported, some of Trump’s supporters are no longer as enthusiastic about Truth Social as they were at the beginning.