Donald Trump has crashed out of the ranks of the world’s 500 wealthiest people after the value of his meme stock nosedived.
The former president has fallen off the Bloomberg Billionaires Index as his net worth has dropped below the $5.8 billion required to make the cut. Forbes’ rich list pegs Trump’s total wealth at $4.8 billion, ranking him 659th in the world.
Trump held a top 300 spot on Bloomberg’s index only a few days ago, ahead of the likes of George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, and Bernie Marcus.
The wealth of the presumptive Republican presidential nominee surged this year due to his 78.75 million shares, or at least 58% stake, in Trump Media & Technology Group.
TMTG merged with Digital World Acquisition Corp. and began trading under the ticker DJT in late March.
TMTG shares hit an intraday high of $79 on March 26, valuing Trump’s stake at close to $6.3 billion. But the stock has plunged by 53% since then to about $37 at Monday’s close, slashing the worth of Trump’s position to about $2.9 billion — a $3.3 billion decline in two weeks.
Read more here from Business Insider.
