Trump Booted Off Wealthiest Americans List As Truth Social Stock Crashes

The stock price for Trump's Media and Technology Group has fallen so much in the last two weeks that he has been booted off of Bloomberg's wealthiest Americans list. Trump's net worth has now fallen below Bloomberg's threshold of $5.8 billion, which is what you have to have in order to be on their list. Trump is in serious trouble with his Truth Social company as the stock continues to plummet with no sign of that stopping any time soon. Ring of Fire's Farron Cousins explains what's happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Thanks to the dismal performance of Donald Trump's Trump media and technology group stock, he is no longer one of the 500 richest people on the planet. Donald Trump has officially been booted off of Bloomberg's wealthiest people list because his net worth has now fallen below $5.8 billion, and it is 100% due to the pathetic performance of his company's stock. According to Forbes, they estimate that his net worth is now 4.8 billion, which is no small amount of money. Let's be real about that. Unfortunately, for Donald Trump, a lot of that wealth is still tied up in that Trump media and technology stock, which has now fallen by 55% since its high of $79 when it was first released. So the company, Trump Media and technology has now lost more than half of its stock value in two weeks. It has been a publicly traded company for two weeks and a day or two, and it has lost over half its value because of that.

Donald Trump's net worth has fallen by over $3 billion. The company's trading value has fallen by more than half. So yeah, things are looking very bad for Donald Trump and his company right now. And again, this whole thing was predictable. In fact, we predicted it, but it's hilarious to watch this happen. Like I am loving every second of this and I'm going to keep talking about it every time it gets worse because this is exactly why Donald Trump doesn't take his company's public. And I think that's the big part that everybody needs to understand. Trump has run a multi-billion dollar company, the Trump organization, that at any point for decades and decades, he could have taken the company public, but he didn't because he knew that if you take a company public, you can't hide stuff anymore. You can't go out into the media and say, oh yeah, I've got billions of dollars here, billions of dollars there.

When it's a publicly traded company. You make a statement like that, that's not true. Suddenly you get arrested for securities fraud for trying to pump up your stock price. And for the record, Trump is actually still trying to do that with Trump media and technology, and that could land him in the middle of another criminal investigation. But he can't hide the numbers for Truth Social and the Trump Media and technology group anymore. And the more people see about what's happening on Truth Social, the more they realize there is no need for it. They're dumping the stock. You know, last week, actually, it wasn't last week. It was

The week, week before, before the stock started tumbling. What was happening according to reports is you already had investors on that Friday, the first Friday after it had been released that were short sailing the stock, like selling it for below value. 'cause they knew it was gonna crash out very quickly, and it did. And those people look like geniuses right now, of course, maybe not as smart as the people who didn't invest in the first place and lose half their money. But things are getting bad for the company, they're getting bad financially for Donald Trump. There is no relief in sight. And this is exactly what Donald Trump deserves.