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Trump loses billions: financial crisis caused by a $450 million fine
Donald Trump loses billions on the stock market and is dropped from the list of the richest people in the world. The reasons and financial situation of the ex-president in detail here!
Trump loses billions: financial crisis caused by a $450 million fine
Former United States President Donald Trump suffered a disappointment when he was removed from the list of the world's 500 richest people after a short stay. Bloomberg had listed Trump on this prestigious list since March 27, but his name disappeared from the rankings two weeks later. The reason for this was the renewed decline in the value of the shares of his media company “Trump Media”, which is the owner of the social network “Truth Social”, which was designed specifically for right-wing conservative users in the USA.
Trump Media's stock value reportedly hit a low on Tuesday, reducing the company's market value by billions of dollars. According to estimates, the current value of “Trump Media” is around five billion dollars, while the company was said to have been worth eight billion dollars a few weeks ago. Donald Trump owns around 57 percent of the company shares in “Trump Media”.
This loss of value comes at an inopportune time for Trump, as he had planned to cover his financial obligations by selling Truth Social. In particular, a fine of over $450 million imposed by a court in his hometown is putting a significant strain on his finances. There are also other legal proceedings, including allegations of sexual harassment, defamation and election manipulation. Trump is expected to have to spend significant amounts of money on lawyers and fines in the near future.
Nevertheless, the Forbes news portal puts his fortune at around $4.8 billion and places him as the 659th richest person in the world. This amount could help Trump to bridge at least temporary financial bottlenecks.