Presidential candidate Donald Trump sees his fortunes collapse after the stock market value of Trump’s media company imploded. Previously, it seemed that Trump could add around $6 billion after the IPO of Trump Media & Technology Group was surprisingly positive. “This is a crypto-like meme stock,” says critical investment strategist Wim Zwanenburg.
Trump sees fortunes collapse after share price falls
2 min 7 sec
This weekend it emerged that the company suffered a loss of $58 million last year, while it only had a turnover of $4.1 million. Investors therefore sold the share on the stock exchange, causing the value to fall by more than a fifth. Zwanenburg is critical of the share. “This is crypto-like memestock.’ Trump also saw his own net worth decrease by a billion dollars as a result. He owns almost two-thirds of all shares in the company.
However, Trump cannot yet sell his shares. The package that Trump has in his hands comes with conditions, such as that he must hold it for at least six months before parts of his assets in the company can be sold. The investment strategist also does not expect things to get better for Trump. “Economists say there is only marginal supply and demand around the stock.” According to him, a further decline in the share is therefore obvious. ‘If the flow of buyers stops and stops, it could experience another fall.’
