g5000
Diamond Member
- Nov 26, 2011
- 126,226
- 70,041
- 2,605
That's gotta hurt!
When Donald Trump first ran for the presidency in 2016, he famously staked his reputation on his wealth—not only had the real estate magnate mastered the art of the deal, but his vast riches meant special interests couldn’t buy him.
Trump couldn't be bought.. except by billionaires Miriam and Sheldon Adelson; Jeff Sprecher and his wife, Kelly Loeffler; Diane Hendricks; Woody Johnson; Geoffrey Palmer; Timothy Mellon; Linda McMahon; Kelcy Warren; Timothy Dunn; Elizabeth and Richard Uilhein; and several others.
Now, media group Bloomberg has stripped Trump of his prestigious membership in its virtual country club of billionaires.
This week he was booted from its index of the 500 wealthiest people in the world after shares in Trump Media & Technology Group tumbled.
TMTG shares lost another 9% on Wednesday to close at $34.26 each, bringing total declines to 57% since their peak on March 26.
TMTG shares are now even worse than when that article was written. They closed today at $22.24.
At least four of Trump’s businesses have declared bankruptcy, and no major lender save for risk-friendly Deutsche Bank is still willing to do business with him.
[snip]
Trump also will have to roll over $780 million in mortgage debt over the next five years, according to an estimate by Forbes, right when interest rates have hit punishing levels and vacancies in prime real estate markets soar as more people work from home.
The March 26 listing of Truth Social parent company Trump Media & Technology Group seemed to come just in the nick of time.
Beyond the $300 million in cash raised from investors to help ensure its immediate survival, the initial surge in its stock price added more than $3 billion to Trump’s wealth overnight.
Buuuuuut...
Yet the more Wall Street saw just the business substance—or lack thereof—there was to TMTG, a loss-making Twitter clone whose main draw is its most famous user, the more the stock dived.
Donald Trump booted from prestigious list of billionaires after Truth Social parent’s swan dive
When Donald Trump first ran for the presidency in 2016, he famously staked his reputation on his wealth—not only had the real estate magnate mastered the art of the deal, but his vast riches meant special interests couldn’t buy him.
Trump couldn't be bought.. except by billionaires Miriam and Sheldon Adelson; Jeff Sprecher and his wife, Kelly Loeffler; Diane Hendricks; Woody Johnson; Geoffrey Palmer; Timothy Mellon; Linda McMahon; Kelcy Warren; Timothy Dunn; Elizabeth and Richard Uilhein; and several others.
Now, media group Bloomberg has stripped Trump of his prestigious membership in its virtual country club of billionaires.
This week he was booted from its index of the 500 wealthiest people in the world after shares in Trump Media & Technology Group tumbled.
TMTG shares lost another 9% on Wednesday to close at $34.26 each, bringing total declines to 57% since their peak on March 26.
TMTG shares are now even worse than when that article was written. They closed today at $22.24.
At least four of Trump’s businesses have declared bankruptcy, and no major lender save for risk-friendly Deutsche Bank is still willing to do business with him.
[snip]
Trump also will have to roll over $780 million in mortgage debt over the next five years, according to an estimate by Forbes, right when interest rates have hit punishing levels and vacancies in prime real estate markets soar as more people work from home.
The March 26 listing of Truth Social parent company Trump Media & Technology Group seemed to come just in the nick of time.
Beyond the $300 million in cash raised from investors to help ensure its immediate survival, the initial surge in its stock price added more than $3 billion to Trump’s wealth overnight.
Buuuuuut...
Yet the more Wall Street saw just the business substance—or lack thereof—there was to TMTG, a loss-making Twitter clone whose main draw is its most famous user, the more the stock dived.
