Trump's stock free fall has lost him $3.3 billion

  • At its height, Donald Trump's stake in Trump Media was worth a staggering $5.11 billion.

  • But since March, Trump Media's stock has plummeted.

  • As of Tuesday, the former president's shares have lost roughly $3.33 billion in value.

As Trump Media & Technology's stock has tumbled, so has Donald Trump's wealth.

At its height in late March just after going public, the Truth Social company had a market capitalization of $8.97 billion.

That meant the former president, who owns a roughly 57% stake in the media startup, had shares worth a whopping $5.11 billion.

But since then, the stock has been in a free fall. On Tuesday, Trump Media closed with a market capitalization of about $3.12 billion — a 65% drop from its peak.

In other words, Trump's value has dropped more than $3.33 billion in about three weeks.

Shares of Trump Media, the parent company of Truth Social, plummeted Monday after a filing showed it was moving to allow company insiders — including Trump — to sell their shares early.

Shares have been on a six-month lock-up period, preventing the former President from cashing out right away.

Shares declined even more on Tuesday after the company announced it would launch a streaming platform.

Trump Media initially arrived on the market to great fanfare, landing him on a list of the world's wealthiest people and fueling speculation from power users and meme-stock buyers.

But the Trump bump was short-lived.

Many saw a bust coming, and a damning filing revealed the company lost $58 million last year against $4.1 million in revenue.

Still, the stock has been a windfall for Trump, even if it's worth much less now. Any boost could be helpful for the presumptive GOP nominee in 2024. Trump has mounting legal bills from his various criminal cases to pay, as well as judgments in two civil cases.

Trump's first criminal trial — on charges of hiding hush-money payments to porn star Stormy Daniels — kicked off Monday with the start of jury selection. Trump will need to stay in court for the coming weeks.

Read the original article on Business Insider