ALBAWABA – Donald Trump, former US president and 2024 presidential candidate, is facing a drop with his net wealth, following Kamala Harris’s entry into the white house race on 21 July. Trump’s net worth decreased by almost $900 million, due to a significant drop in the value of his “Truth Social” stakes.
Truth Social stocks decline
Truth Social, a tech social media platform owned by Donald Trump, saw a major decline in Trump’s shares since Kamala Harris, Vice President of the United States, joined the white house recent race. Trump Media Group recorded a major 23% drop on Thursday amid big market sales.
It is worth mentioning that Trump owns more than $4 billion in “Truth Social” stocks. However, his share dropped to almost $3.1 billion on July 19 when President Joe Biden dropped out of 2024 presidential elections.
Truth Social, a tech social media platform owned by Donald Trump, saw a major decline in Trump’s shares since Kamala Harris, Vice President of the United States, joined the white house recent race. (Shutterstock)
This major decline in Trump’s shares is derived from the intense competition between Harris and Trump. Additionally, Wall Street traders are utilizing stocks to bet on Trump’s return to the white house, with Truth Social potentially becoming the presidential official communications platform.
Trump Media Group shares
It is significant to point out that the shares of Trump Media Group shares saw a jump last June, following Biden's poor performance in the elections. The shares recorded another increase in July, following Trump’s assassination attempt in Pennsylvania.
Currently, the social media platform, Truth Social, is struggling to rank in the social media world. The company, that still worth $5.1 billion is facing major declines after Harris joined the white house race. In June, the platform’s total number of visitors dropped by 38%, according to Comscore data, analyzed by TheRighting website.
Experts are having doubts about the company as it has been generating weak revenues. After the decline in Trump’s fortune, his net worth is estimated at $5.9 billion, according to Bloomberg data.
