{"id":120343,"date":"2024-10-31T06:37:53","date_gmt":"2024-10-30T23:37:53","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=120343"},"modified":"2024-10-31T06:37:53","modified_gmt":"2024-10-30T23:37:53","slug":"trump-loses-1-3-billion-in-net-worth-after-the-worst-ever-day-for-his-social-media-stock","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=120343","title":{"rendered":"Trump loses $1.3 billion in net worth after the worst-ever day for his social media stock"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p>\n    <cite class=\"source__cite\"><br \/>\n      <span class=\"source__location\" data-editable=\"location\">New York<\/span><br \/>\n      <span class=\"source__text\" data-editable=\"source\">CNN<\/span><br \/>\n        \u00a0\u2014\u00a0<br \/>\n    <\/cite>\n<\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6hspr000v26p53jvm0aij@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            After a <a href=\"https:\/\/www.cnn.com\/2024\/10\/28\/business\/trump-social-media-stock-election\/index.html\">ridiculous spike<\/a> over the past five weeks that had absolutely nothing to do with the company\u2019s actual business, former President Donald Trump\u2019s social media stock is suffering a sudden setback.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms00083b6myrblskwa@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Truth Social owner Trump Media &amp; Technology Group\u2019s share price plunged\u00a022.3% on Wednesday. That marks Trump Media\u2019s worst one-day loss since going public in March, narrowly exceeding a loss of 21.5% on April 1.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2wbg7c80000356nj1vxcgqn@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            At Tuesday\u2019s close above $51, Trump\u2019s dominant stake in the company was valued at about $5.9 billion. By the end of trading on Wednesday, the value of Trump\u2019s shares tumbled to $4.6 billion. That means Trump lost $1.3 billion in net worth in a single day.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000a3b6m6srb7fyo@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            It\u2019s not clear exactly what caused the sharp reversal for Trump Media, whose share price has become a <a href=\"https:\/\/www.cnn.com\/2024\/10\/14\/investing\/trump-stock-truth-social-election\/index.html\">proxy for how traders think this election will turn out.<\/a> Trump Media did not release any major news that would explain the nosedive.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6sn8v0004356njm5a0w31@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Some traders blamed the steep selling on technical factors and a loss of momentum for what has become a meme stock.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000c3b6mhtrr685e@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Trump Media\u2019s stock has been extraordinarily volatile all year. The stock does not need official corporate announcements to move dramatically higher or lower.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000d3b6mole65mjl@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Until Wednesday, it had been moving in one direction: Straight up.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000e3b6mlmc5bbsq@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Between September 23 and Tuesday\u2019s closing bell, Trump Media had quadrupled in value. That breathtaking rally has been driven by bets on Wall Street that Trump will win the White House.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000f3b6miz6pjma2@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The enormous gains boosted Trump Media\u2019s value to $10.3 billion as of Tuesday\u2019s close. That means it was briefly worth <a href=\"https:\/\/www.cnn.com\/2024\/10\/02\/business\/elon-musk-twitter-x-fidelity\/index.html\">more than the implied value of X<\/a>, the Elon Musk-owned social network formerly known as Twitter.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000g3b6mg2ki56nn@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            That\u2019s despite the fact that X has about 70 million monthly active US users on iOS and Android as Truth Social, according to Similarweb data shared with CNN. That\u2019s roughly 100 times Truth Social\u2019s 698,000 monthly active US users.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000h3b6mnfn2i6q7@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Even Threads, Meta\u2019s relatively new X competitor, has about 20 times the user base of Truth Social, according to Similarweb.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000i3b6mzi9th6ju@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Trump Media\u2019s fundamentals remain very modest for a company that is still valued at more than $8 billion.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000j3b6mmti6yh97@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            For context, CBS owner Paramount Global, a company that Trump Media recently surpassed in market value, has brought in more than $14 billion in revenue so far this year.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000k3b6mst5uxgtk@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            But Trump Media has generated just $1.6 million of revenue this year.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000l3b6meeoz6dxo@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cFundamentally the valuation is a head scratcher but we have seen other meme stock narratives\u00a0like AMC and GameStop on similar paths the last few years,\u201d Dan Ives, senior equity analyst at Wedbush Securities, told CNN in an email. \u201cTruth Social is a fraction of X and other social media platforms\u00a0in terms of users but with an election a week away this stock has become a litmus test for some investors on the White House race.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000m3b6m5pskv01e@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Matthew Tuttle, CEO of Tuttle Capital Management, blamed Wednesday\u2019s selloff on Trump Media\u2019s share price failing to break through key resistance to the upside.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000n3b6m0uioogam@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cIt\u2019s the way the game is played on this stuff,\u201d Tuttle told CNN. \u201cThe smarter traders know you make your money and get the hell out. And leave the not-smarter traders holding the bag.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000o3b6ms06pem5x@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Tuttle noted that one of the factors helping to propel Trump Media higher had been the fact that it\u2019s very expensive to borrow shares to bet against it. He described \u201ccompletely insane\u201d financing costs to borrow shares.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2w6j7ms000p3b6miv9qsvno@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cIt makes it virtually impossible to short this thing,\u201d Tuttle said.\n    <\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnn.com\/2024\/10\/30\/business\/trump-stock-truth-social\/index.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York CNN \u00a0\u2014\u00a0 After a ridiculous spike over the past five weeks that had absolutely nothing to do with the company\u2019s actual business, former President Donald Trump\u2019s social media &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=120343\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-120343","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=120343"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120343\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=120343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=120343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=120343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}