Trump tumbles off billionaire list as media shares plummet
Donald Trump's streak of bad luck does not end with poll results, which increasingly show Kamala Harris's lead. This time, the former president received a financial blow. His companies are recording significant declines, and he himself has been removed from the world's richest people list.
Shares of Trump Media & Technology Group, the company controlling the social media platform Truth, founded by the former president of the United States, Donald Trump, are experiencing significant declines.
Their shares have been priced at the lowest since their stock market debut in April of this year. This is a substantial financial blow for Trump, as it caused him to disappear from the "Bloomberg Billionaires Index" of the world's 500 richest people.
"The wipeout reinforces concerns raised by experts who have repeatedly warned that Trump Media’s multi-billion-dollar price tag defies logic. The company is losing money, generating very little revenue and Truth Social remains a relatively tiny player in social media," notes CNN.
Matthew Tuttle, CEO of the investment firm Tuttle Capital Management, even believes that "If this wasn’t Trump, this thing would be trading at $1".
Election-focused shares
Tuttle adds that strong stock market fluctuations are related to the increasingly fierce battle for the U.S. presidency. According to the analyst, Trump's companies will be profitable only if he wins the presidential election.
The first debate between Donald Trump and Kamala Harris will occur on Tuesday and Wednesday at 9:00 p.m. Eastern Time. The rules will be the same as during the last debate, which caused a political earthquake and led to Joe Biden resigning from seeking re-election.
According to experts, this debate may also be crucial, and how the Democratic candidate presents herself during it may determine her final result in the November elections.
