Donald Trump's Net Worth Plunged $700 Million In One Year As Truth Social Flops

Former President Donald Trump has lost $700 million in months as his social media company loses its hype.

According to Forbes, Trump's net worth plunged from an estimated $3.2 billion in September 2022 to $2.5 billion.

The decline of Truth Social, branded as Trump's own Twitter, cratered the former president's fortune.

In 2021, Trump announced that he would build his own social media company after Meta's Facebook and Instagram, and Twitter banned his accounts following the attack on the Capitol on Jan. 6.

Trump's supporters quickly contributed to Truth Social's special purpose acquisition company, the Digital World Acquisition Corp.

The SPAC's shares shot up from $10 to $175 in two days, which made Trump's social media business worth $22 billion, with his interest amounting to $19 billion.

In December of that year, a group of large investors promised to infuse $1 billion into Trump's social media project to get a sweetheart deal.

Under the agreement, the new investors would be guaranteed a profit if the SPAC shares stayed above $10. Forbes estimated that the value of Trump's stakes in Truth Social would be equivalent to $730 million in the proposed deal.

Despite being used by the former president, the enthusiasm of Trump's die-hard supporters became lukewarm toward Truth Social.

Trump's social media venture was also subjected to investigations by the Department of Justice, the Securities and Exchange Commission and the Financial Regulatory Agency.

Elon Musk's takeover of Twitter and reversing a ban on Trump and other conservative figures had also complicated things for Truth Social, once marketed as the right-wing version of Twitter.

The events further decreased the worth of SPAC shares, currently trading at $14 per share. It means that Trump's stake in Truth Social is approximately $1.2 billion.

Despite Trump's flop in the social media business, the former president is still a real estate mogul.

Based on Forbes ' estimates, Trump still owns several golf clubs and resorts, with a combined worth of $730 million as of last month.

His official residence, the Mar-a-Lago in Florida, has a net value of $325 million.

Trump's real estate in New York is also valued at $720 million, including the Trump Tower, which has a net value of $61 million and debt of $100 million.

Meanwhile, the former president's real estate outside New York is worth $230 million. This includes the Trump International Hotel in Las Vegas, which has a total value of $122 million but is only worth $61 million in net value.

Trump's media and licensing business was worth $240 million, while his cash and personal assets were $610 million.

Trump, seeking a third shot at the presidency, was indicted by a New York grand jury last week over his involvement in the hush payments to adult film star Stormy Daniels.

The former president is expected to voluntarily surrender and attend his arraignment at a Manhattan courthouse on Tuesday.

The former Republican president also faces other business lawsuits and investigations, including a fraud case in New York, a Justice Department's probe on his handling of classified documents and an election interference case in Georgia.