Recent reports indicate that former President Donald Trump’s net worth has declined by more than $1 billion as of October 30, 2024, primarily due to a significant drop in shares of Trump Media & Technology Group. This downturn has raised eyebrows as the nation approaches the upcoming Election Day.
Key Financial Changes
Shares of Trump Media experienced a sharp fall of 20%, trading at just over $41 around 1:10 PM EDT. This decline came after a brief rally that had seen positive trading for three consecutive sessions. Trump’s estimated 57% ownership in the company, equating to approximately 114.75 million shares, decreased in value from $5.9 billion to $4.7 billion in a single day.
Trading was so volatile that Nasdaq temporarily halted it five times on Tuesday, triggered by a surge in trading volume that exceeded the stock’s average. This turbulence saw the stock dip over 2% before recovering to finish nearly 9% higher for the day.
Significant Market Movements
A remarkable statistic highlights the volatility: Trump Media’s shares soared by 238% since the beginning of October, starting at $16.16 and peaking at $54.68 earlier this week. This meteoric rise correlated with shifting betting odds favoring Trump in the upcoming presidential election, demonstrating how market sentiment can sway alongside political events.
As of Wednesday, Forbes estimated Trump’s net worth at approximately $6.9 billion, reflecting a decrease of $1.2 billion (14%) from the previous day. Despite this downturn, Trump’s wealth had recently surpassed the $8 billion mark, a feat not seen since the company went public in March.
Background on Trump Media’s Trading
The volatility in Trump Media’s stock has become increasingly apparent over recent weeks. Its price fluctuations have mirrored Trump’s rising odds in the presidential race. Earlier this month, the stock experienced a drop of more than 14%, only to rebound sharply after a rally held by Trump at Madison Square Garden.
Even with these financial challenges, Trump has expressed his intention to retain his stake in Trump Media, despite becoming eligible to sell shares. His commitment to holding onto his investment reflects a long-term strategy amid fluctuating market conditions.
