The stock value of Donald Trump’s social media company Truth Social fell by 21.5% on Monday, shrinking his net worth by more than $1 billion, after it was revealed that the company lost $58.2 million last year, AFP reported.
Since then, more and more shareholders are expressing "substantial doubt" over its ability to continue operating.
This loss comes in stark contrast to the company’s soaring share price, despite generating a modest revenue of $4.1 million for the entire year. According to the report, Truth Social has only 9 million signups across its platforms.
Trump who owns 57% of the company, his shares are now worth $3.76 billion, as per the filings from the US Securities and Exchange Commission.
The ex-presidents net worth is now $6.4 billion.
Only last week, Trump media signed a deal to merge with Digital World Acquisition Corp, which injected over $275 million into the company, providing much-needed financial support. Prior to the merger, Trump Media had expressed concerns about the possibility of bankruptcy.
Currently, Trump faces a plethora of cases, including a civil lawsuit which claims that he overvalued his net worth and business records to attract lenders and easily acquire bank loans.
The court had previously ordered him to pay a bond of $454 million, however later he was a given a lifeline and let off the hook after judge allowed him 10 more days to secure a far smaller bond of $175 million.
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