Journalists drew attention to the fact that the value of US presidential candidate Donald Trump's shares fell by $900 million in his Truth Social social network.
Points of attention
- The fall in the share price occurred after the start of the election campaign of Vice President Kamala Harris, who had not previously planned to run for this position.
- The value of Trump's majority stake in the company Trump Media & Technology Group decreased from more than 4 billion to 3.1 billion dollars.
- The deterioration of the situation is also visible against the background of the decline in the number of unique visitors to Truth Social.
Trump lost an insane amount in a matter of days
The share price of Trump Media & Technology Group — the company that owns Truth Social — fell about 23%.
Importantly, the sharp drop came after Vice President Kamala Harris actually kicked off her campaign on July 21st.
As you know, for a long time she claimed that she will continue to support the candidacy of the current American leader Joe Biden and does not plan to run for office.
However, when the head of the White House withdrew from the election and declared that he supports the candidacy of his deputy for this post, the situation changed dramatically.
Despite this, for some time it was not known whether Harris would want to fight for the presidential seat with Donald Trump, so her decision surprised many.
What is happening to Trump's business
Before the stock plunge, Trump's majority stake in Trump Media & Technology Group was worth more than $4 billion, according to public records.
As of today, it has dropped sharply to 3.1 billion dollars.
Share prices were further undermined by their sell-off on Thursday, August 1, amid polls that showed the former US president's chances of winning the November 2024 election are shrinking.
In addition, it is emphasized that the problems of Trump's social network were not limited to this.
First of all, it is said that in June the number of unique visitors to the platform fell by 38% compared to the same period last year.
Bloomberg also notes that the Republican's fortune was $5.9 billion before the drop in stock prices.
