Trump is booted off Bloomberg’s Billionaire list after Truth Social stock price dives

Donald Trump has been booted from Bloomberg’s daily list of the 500 top billionaires after the stock price of his Truth Social platform plummeted.

On Tuesday, the former president was nowhere to be seen on the list of the world’s richest people, going from Bernard Arnault, the CEO of LVMH, the world’s largest luxury goods company, at $223bn, to John Sall, a businessman and computer software developer, in spot 500.

Trump Media, the parent company of Truth Social, began trading at $78 and finished its first day at $57.99, allowing Mr Trump to join the list of the world’s 500 richest people. But by Wednesday morning, the stock was trading at just above $36 – a likely cause of Mr Trump’s removal from the list of the top billionaires.

Shares in the company went down by 12 per cent on Friday and eight per cent on Monday, USA Today noted.

Compared to its peak late last month, the stock, going under the ticker “DJT”, has now dropped more than 50 per cent. On Tuesday, the stock went below $35.50 for the first time after the merger between Trump Media and the public shell company Digital World Acquisition Corp. It began trading under DJT on 26 March.

After hitting the market, the stock was valued at $8bn, but it has since lost billions in value.

Mr Trump owns 78.75 million shares, or about 60 per cent, of Trump Media. His stake was worth around $6bn shortly after the firm went public, prompting his appearance on the billionaires’ index. On Tuesday, his stake was worth around $3bn. Mr Trump needs the approval of the board of Trump Media if he wants to get rid of any of his shares before September.

On Tuesday afternoon, Forbes had Mr Trump as the 653rd richest person in the world with a net worth of $4.8bn.

Wall Street