Donald Trump’s Wealth Slumps Below $5.8 Billion as TMTG Stock Takes a Hit

Recently, former President Donald Trump’s net worth has dropped below the $5.8 billion mark required to make Bloomberg’s list of the world’s 500 wealthiest people. This decline is due to the decline in value of his meme stock, Forbes reports. Even Forbes places Trump at 659th in the world with a total wealth of $4.8 billion.

Trump had previously held a high ranking on Bloomberg’s index but has since fallen out of the top 500. His wealth increased this year thanks to his significant stake in Trump Media & Technology Group (TMTG) which merged with Digital World Acquisition Corp. and started trading under the ticker DJT in March. However, despite TMTG shares reaching an all-time high of $79 on March 26, the stock has since plummeted by 53% to around $37 as of Monday’s close. This has resulted in a decline of about $3.3 billion in Trump’s net worth in just two weeks. The company’s market capitalization reached about $11 billion at its peak but has since dropped to around $5.1 billion.

This decline in his net worth may be particularly challenging for Trump as he is facing a $454 million judgment in a New York fraud case and has had to pay a $175 million bond demand while appealing the decision