Trump loses $2.4 billion in net worth after his social media stock implodes right before the election

Former President Donald Trump’s social media stock is plunging just ahead of the election, cutting deeply into Trump’s net worth.

Former President Donald Trump’s social media stock is plunging just ahead of the election, cutting deeply into his net worth. After an absurd spike over the past five weeks that was based entirely on Trump’s perceived reelection prospects — and had nothing to do with the company’s actual business — Trump’s social media stock has tanked. It has now lost about 41% of its value in just three days. Truth Social owner Trump Media & Technology Group’s share price plunged another 13% on Friday after tumbling 12% Thursday and 22% Wednesday — Trump Media’s worst one-day loss since going public in March. After the closing bell on Tuesday, shares were priced at $51, valuing Trump’s dominant stake in the company at about $5.9 billion. On Friday, the value of Trump’s shares tumbled to $3.5 billion. That means Trump lost $2.4 billion in net worth since Tuesday. Trump Media’s shares, which trade under the ticker “DJT,” have become a proxy for how traders think the presidential election will turn out. Prediction markets in recent days have moved toward projecting that Vice President Kamala Harris will win the election, even as polls clearly show a toss-up election with no clear favorite. “Meme stocks, of which DJT is one, are very susceptible to momentum shifts,” said Steve Sosnick, chief strategist at Interactive Brokers, who noted a clear “vibe shift” in recent days’ prediction markets. “Last week’s spike in prediction markets was a boon to DJT; conversely a shift away would hurt the stock.”