2024-04-15 10:48:32
Former US President and Republican candidate in the upcoming elections Donald Trump has dropped out of the list of the 500 richest people in the world. As Day.Az reports, this is evidenced by data from the Bloomberg Billionaires Index (BBI).
The reason for the loss of part of the fortune was the failure of Trump Media & Technology Group Corp (TMTG), which operates the social network Truth Social. Since the beginning of the month, the company’s capitalization has fallen by a third.
At the end of trading on April 10, the shares lost 8.57 percent of their value. As a result, the politician and businessman’s net worth has reached $4.6 billion, while the BBI ranking currently accounts for owners of at least $5.76 billion.
Investors became disillusioned with TMTG after it showed a loss of $58 million at the end of last year while revenue doubled. In the first days after going public, which happened at the end of March, the company’s shares soared, but then began a steady decline.
Analysts doubt the company’s ability to continue as a going concern, especially given the fact that in two years it has failed to substantiate its claims to compete with industry leaders.