When Trump Media & Technology Group DJT went public in late March, majority shareholder and former President Donald Trump saw his net worth surge.
Since then, it dropped as the stock dwindled in value.
What Happened: After a long-awaited SPAC merger, Trump Media & Technology Group shares opened for trading at $70.90 on March 26.
They traded between $57.25 to $79.38 on their first day of trading, with a market capitalization of more than $8 billion. Trump's net worth was considered to be around $6.4 billion, which was higher than any other year tracked, according to data from Forbes.
At the time, Trump’s 57.6% stake in the Truth Social parent company — 78.75 million shares with another 36 million shares potentially owned based on earn-outs — was valued between $5.58 billion and $6.25 billion (at the peak of shares during their first day of trading).
Not anymore. Since then, shares of TMTG have fallen. Today, DJT stock opened at $24.28 per share. And the market cap hovers at around $3.5 billion.
Based on that share price, Trump's stake — not including the earn-out — is now valued at $1.88 billion.
As of Tuesday, April 16, Forbes now has a net worth calculation of $3.7 billion for Trump.
The twice-impeached president has fallen off the Bloomberg Billionaires Index of the 500 richest people. The 500th richest person, David Green, comes in at $5.68 billion.
Why It Matters: Trump is currently facing multiple court cases. The hush money trial, in which Trump allegedly falsified business records, started Monday, April 15.
Trump owes hundreds of millions of dollars from a previous ruling in a New York court and has reportedly spent $100 million in legal fees.
While Trump is the majority shareholder of TMTG, the former president and other executives are unable to sell shares until a six-month lockup is complete.
A filing by the company issued Monday showed that the company has registered shares that could be available for sale in the future. The filing included 21.49 million shares exercisable by TMTG warrants. The filing also listed for sale up to 146.1 million shares from selling shareholders.
Trump is among the potential selling shareholders. The filing indicated that 114.8 million shares could be sold by Trump, which includes his 78.75 million current shares and the 36 million performance-based shares that could be unlocked.
As previously reported, Trump could maintain control over the company if he sells a majority of his shares thanks to a structure put in place before the merger.
Shares of Trump Media & Technology Group could continue to be volatile after the share offering filing and as Trump's hush money case captures headlines for the next six weeks.
Price Action: Trump Media & Technology Group, at last check, was trading at $26 per share, up 13.84%.
Image: Shutterstock
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