Trump's financial woes mount: Shares plummet, off richest list
Donald Trump's streak of bad luck continues beyond poor poll results, which increasingly show Kamala Harris's lead. This time, the former president has suffered a financial setback. His companies are experiencing 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 facing significant declines.
Their shares have been priced at their lowest since their stock market debut in April of this year. This represents a substantial financial blow for Trump, causing 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.
In the early hours of Wednesday, at 2:00 AM Greenwich Time, the first debate between Donald Trump and Kamala Harris will occur. 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.
