Let’s be frank — Donald Trump’s life is already falling apart completely from every conceivable angle. Not only did the Manhattan grand jury deliver a historic vote to indict the disgraced former president in District Attorney Alvin Bragg’s monumental Stormy Daniels hush money investigation, Trump continues to face down a wide variety of additional investigations, lawsuits, and legal peril from a slew of different entities and jurisdictions — including New York Attorney General Letitia James multi-million dollar lawsuit against Donald’s corrupt family company, Fulton County District Attorney Fani Willis’ investigation into his alleged election crimes in the state of Georgia, and the range of ongoing investigations into the ex-president by DOJ-appointed Special Counsel Jack Smith, including Trump’s involvement in the January 6th Capitol attack and the infamous Mar-a-Lago stolen document scandal.
One would think that things couldn’t possibly get too much worse in the scandal-ridden former president’s life. But they can…
Forbes is now reporting that Donald Trump’s net worth has taken a massive, multi-million dollar plunge, that may only get worse in the coming weeks, as a result of his struggling Truth Social company.
The fact of the matter is, the ex-president’s attempt to create a social media “safe space” for himself and his supporters, following his historical Twitter ban after the J6 attack, has been less than successful from the jump. Now, it’s on the brink of collapse, and it’s threatening to take Trump’s net worth down with it.
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The New York Times broke reporting over the weekend revealing that the two major entities tied to Truth Social are facing a rapidly approaching September deadline for SEC approval as they desperately attempt to merge to keep the Right-wing social media platform alive and running. Should they fail to reach that deadline, they will be forced to issue approximately $300 million in refunds to investors in the social media company — a staggering number that could serve to seal the company’s detrimental fate.
Forbes built on reporting from the Times, noting that the onslaught of struggles to stay afloat in Truth Social is hammering Trump’s overall net worth to death.
“In December 2021, a group of big-money investors promised to inject $1 billion in cash into the venture — but only if they got a sweetheart deal,” the financial publication reports.
“By that point, shares were trading for $45 on the open market. But under the agreement, the new investors would be guaranteed a profit as long as the shares stayed above $10. When previously estimating the value of Trump’s stake, Forbes used that $10-per-share figure and came to $730 million.”
“But things have changed.”
Forbes pointed to Truth Social’s consistent failure to reach their overachieving, egotistical goals, before going on to report, “The fundamental problem is that barely anyone uses Truth Social. Before it launched, an investor presentation suggested the app would attract 81 million users by 2026. Now, over a year after going live, it has only an estimated 5 million. Given that Trump owns roughly 85% of the business and Twitter is worth an estimated $42 per user, the former president’s stake probably adds up to about $180 million today.”
Ultimately, the infamous financial publication estimated that the former president’s net worth brutally fell “from an estimated $3.2 billion last fall to $2.5 billion today.”
Forbes’ Dan Alexander Wryly writes, “If people continue to join at the current pace — and assuming that no one quits or dies —Truth Social will not hit its projected 81 million users until 2086. By that point, Trump would be 140 years old. A more likely outcome: Truth Social will join Trump Steaks, Trump University, and GoTrump.com in the graveyard of failed Trump ventures.”
To say that everything is falling apart for Donald Trump right now would frankly be an insulting understatement.
Read the full report on Trump’s net worth from Forbes here.
Featured image via Political Tribune Gallery
