Donald Trump lost $170 million of his on-paper net worth on Monday, on the heels of an earnings report on his Truth Social media network reporting just $836,900 in revenue in the second quarter.
That’s practically nothing for a company with a market cap at $4.5 billion, but we’ve long since known that the valuation there is based entirely on Trump followers overpaying for the stock for the privilege of saying they own a piece of a Trump-run company.
According to a report from Forbes, Trump, as the majority owner of Truth Social, now holds $2.7 billion in money on paper in Truth Social stock.
In case you were wondering, yes, that’s the bulk of his net worth, against hundreds of millions of dollars in liabilities in the two civil judgments in cases that were decided against him by separate New York juries in a defamation case and a business-fraud case.
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Chris Graham
