Truth Social Losses Deal Humiliating Blow to Trump’s Biggest Brag
Donald Trump’s financial house of cards is beginning to collapse.The Republican presidential nominee, who’s made his personal wealth central to his candidacy since 2016, has fallen off the Bloomberg Billionaires Index. The list is a daily ranking of the 500 richest people in the world, and as of Tuesday, Trump no longer qualifies. The blow comes just days after the price of Trump Media stock plummeted and two main investors behind the merger between Trump Media and Technology, the parent company of Truth Social, and Digital World Acquisition Corporation, a shell company, were charged with insider trading. Trump has already been struggling to prove his wealth following the revelation that the surety firm backing the $175 million bond in his civil fraud trial is insolvent, unlicensed in New York, and may not have actually agreed to pay the penalty if Trump cannot come up with the money.Originally valued at $8 billion, Trump Media has lost half its value since it debuted in March. The drop in value does little to dispel allegations that the stock is a potential pump-and-dump scheme concocted by Trump to funnel credulous supporters’ money toward his mounting legal debts. He cannot sell or borrow against his shares in Trump Media for six months, so while this latest embarrassment is mostly a cosmetic hit to his net worth, it’s still possible that he’ll have suckered enough of his voters into paying off a chunk of the judgments against him when all is said and done.In the meantime, though, Trump has become just another temporarily embarrassed billionaire.
Donald Trump’s financial house of cards is beginning to collapse.
The Republican presidential nominee, who’s made his personal wealth central to his candidacy since 2016, has fallen off the Bloomberg Billionaires Index. The list is a daily ranking of the 500 richest people in the world, and as of Tuesday, Trump no longer qualifies.
The blow comes just days after the price of Trump Media stock plummeted and two main investors behind the merger between Trump Media and Technology, the parent company of Truth Social, and Digital World Acquisition Corporation, a shell company, were charged with insider trading.
Trump has already been struggling to prove his wealth following the revelation that the surety firm backing the $175 million bond in his civil fraud trial is insolvent, unlicensed in New York, and may not have actually agreed to pay the penalty if Trump cannot come up with the money.
Originally valued at $8 billion, Trump Media has lost half its value since it debuted in March. The drop in value does little to dispel allegations that the stock is a potential pump-and-dump scheme concocted by Trump to funnel credulous supporters’ money toward his mounting legal debts. He cannot sell or borrow against his shares in Trump Media for six months, so while this latest embarrassment is mostly a cosmetic hit to his net worth, it’s still possible that he’ll have suckered enough of his voters into paying off a chunk of the judgments against him when all is said and done.
In the meantime, though, Trump has become just another temporarily embarrassed billionaire.
