Donald Trump’s media company’s stock has fallen to its lowest level since it went public on March 26.
Trump Media and Technology Group Corp., which owns the social media platform Truth Social, fell by 68.82 percent on Tuesday. Shares were priced at $17.89 at around midday, according to CNBC, a further drop from the previous low of $19.50 on Friday, according to Forbes.
The shares were priced at $79.38 when they came on the stock market in March.
The drop in the company’s stock, which uses the ticker DJT, means that the former president’s net worth is down by $163 million as of Tuesday, equivalent to a 4 percent drop, according to Forbes.
Florian Gaertner/dpa via AP
Trump’s net worth had reportedly dropped to $3.9 billion as of 4.30pm EDT on September 3, according to Forbes. The Republican presidential candidate was not alone in suffering a financial drop.
Other social media companies were also affected, including Reddit, which fell by 4 percent, and Snap, which fell by 5 percent, Forbes reported. The market downturn affected all three major U.S. stock indexes, the New York Stock Exchange, American Stock Exchange, and National Association of Securities Dealers (Nasdaq).
Forbes reported that the drop, which mostly impacted tech companies, was triggered by a report from the Institute for Supply Management which showed that manufacturing had slowed for the fifth month in a row in August.
Trump’s stocks have risen and fallen over the past few months, often coinciding with the GOP nominee’s political campaign.
When Trump survived a failed assassination attempt on July 13, Trump Media shares experienced a surge of 30 percent at the end of the Monday after the incident, the outlet reported.
This is in part because DJT trades more like a meme stock than a traditional financial investment that responds to the real value of a company, CNBC reported. As a result, the former president’s net worth has decreased by $900 million since Kamala Harris joined the presidential race after Joe Biden withdrew and publicly endorsed her on July 21, according to CNN.
Trump Media, which was valued at $4 billion on July 19, dropped to about $3.1 billion at the start of August, according to the outlet.
The company has plans to expand its reach to live-stream TV, according to Forbes.
After announcing the company would be going public, Trump joined the list of the world’s 500 wealthiest people on the Bloomberg Billionaires Index for the first time, according to CNN.
The Trump Organization press office has been contacted by Newsweek for comment.
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