The former president’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today. The biggest reason? His social media business, once hyped to the moon, has come crashing down.
The former president’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today. The biggest reason? His social media business, once hyped to the moon, has come crashing down, erasing $550 million from his net worth—so far.Donald Trump was eager for revenge. Nine months earlier he had been banned from Twitter, depriving him of his primary means of communicating with his followers. His solution? Build his own Twitter.
The hype never lined up with reality. In December 2021, a group of big-money investors promised to inject $1 billion in cash into the venture—but only if they got a sweetheart deal. By that point, shares were trading for $45 on the open market. But under the agreement, the new investors would be guaranteed a profit as long as the shares stayed above $10. When previously estimating the value of Trump’s stake,But things have changed.
That still seems absurdly high. The fundamental problem is that barely anyone uses Truth Social. Before it launched, an investor presentation suggested the app would attract 81 million users by 2026. Now, over a year after going live, it has only an estimated 5 million. Given that Trump owns roughly 85% of the business and Twitter is worth an estimated $42 per user, the former president’s stake probably adds up to about $180 million today.
Even that might be too much. Truth Social is adding an estimated 100,000 users per month. If people continue to join at the current pace—and assuming no one quits or dies—Truth Social will not hit its projected 81 million users until 2086. By that point, Trump would be 140 years old. A more likely outcome: Truth Social will join Trump Steaks, Trump University and GoTrump.com in the graveyard of failed Trump ventures.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump’s Net Worth Plunges $700 Million As Truth Social FlopsThe former president’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today. The biggest reason? His social media business, once hyped to the moon, has come crashing down.
Read more »
Gwyneth Paltrow scores court win worth more than the $1 she was awardedGwyneth Paltrow won just $1 after a trial in a Utah skiing lawsuit but the victory may have been worth a lot more.
Read more »
5 new Netflix releases coming next week that are worth your timeYour Netflix look-ahead: a24's buzzy new road rage drama, plus a new WWII-era Netflix series, a brand new music reality show featuring Latin artists like Nicki_Nicole19 + much more
Read more »
5-year-old girl buys $3,000 worth of Amazon gifts on mother’s phoneThe girl's mother said she remembers giving her daughter her phone to play some games in the car, or so she thought.
Read more »