Trump's indictment hits net worth, Truth Social
Former president loses over half billion on media platform, will not hit user target until 2086
Trump being treated 'beneath the law, and it's fundamentally wrong': Gregg Jarrett
Fox News legal analyst Gregg Jarrett on what to expect ahead of Trump's arraignment Tuesday as Fox News confirms from multiple sources the former president faces more than 30 charges.
Donald Trump’s wealth has suffered since the former president was indicted last month by a Manhattan grand jury. His net worth fell to an estimated $2.5 billion today from $3.2 billion last fall, Forbes reported.
The Truth Social icon is seen in the IOS app store in this picture illustration taken Feb. 21, 2022. (Reuters/Dado Ruvic/Illustration / Reuters Photos)
Trump faces charges for possibly offering hush money payments before the 2016 presidential election.
On Monday, Trump responded to the indictment on his social media platform saying, "THE RADICAL LEFT DEMOCRATS HAVE CRIMINALIZED THE JUSTICE SYSTEM. THIS IS NOT WHAT AMERICA WAS SUPPOSED TO BE!"
Since starting Truth Social in late 2021, Trump has lost an estimated $550 million on the venture, according to Forbes.
Former President Donald Trump has lost $550 million on Truth Social since opening the platform in 2021. (James Devaney/GC Images | App store)
Trump's move to Truth Social drew supporters to the social media platform's special purpose acquisition company (SPAC), Digital World Acquisition Corp., sending its stock price from $10 to $175 in just 48 hours, Forbes reported, suggesting the business was worth $22 billion, with Trump’s interest totaling $19 billion.
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In December 2021, a group of investors promised to give $1 billion in cash to fund Truth Social, but only if they got a sweetheart deal. At that time, shares were trading for $45 on the open market.
Under the agreement, new investors would receive a profit if shares stayed above $10.
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Currently, the Department of Justice, Securities and Exchange Commission and Financial Regulatory Agency are looking over the business, including trading activity and communications between the SPAC and Trump’s business.
TRUMP MEDIA MERGER PARTNER SHARES RISE
On Monday, data compiled by Forbes showed shares of Trump’s SPAC are 92% off their highs, trading at $14 apiece, implying Truth Social’s worth today is just $1.2 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DWAC | DIGITAL WORLD ACQUISITION CORP. | 12.58 | -0.16 | -1.26% |
The social media platform is adding an estimated 100,000 users per month, according to Forbes. At this pace however, Truth Social will not hit its projected 81 million users until 2086.
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