Trump's inconvenient truth: Ex-president has lost $700M MILLION amid failure of ... trends now
Donald Trump's net worth has plunged by $700 million since last fall, with the loss mostly attributed to the failure of his site Truth Social.
Trump's wealth dropped from $3.2 billion to $2.5 billion ahead of his historic arraignment today, according to analysis by Forbes.
Truth Social - which the former President has been using aggressively in the lead-up to his arrest - is responsible for $550 million of the drop alone.
It comes as it was revealed he is facing up to 136 years in jail as an unsealed indictment revealed he is charged with 34 felony offences.
Initial forecasts suggested the platform - designed to rival Twitter - would have 81 million users by 2026 but currently it has just 5 million.
Donald Trump's net worth plunged by $700 million ahead of his arraignment today, according to new analysis by Forbes
Truth Social alone has shaved $550 million off Trump's net worth after the social media site failed to generate the tens of millions of users estimated
Today shares in Truth Social's acquisition company Digital World Acquisition Corp. were trading at around $14 a piece - down from $97.54 on March 4.
Trump launched Truth Social in October 2021 - nine months after being banned from Twitter which accused him of abusing the platform to incite violence among his followers.
The venture was expected to boost his fortune by billions, with shares in Digital World shooting up from $10 to $175 within days of the announcement.
But it proved unpopular even with his most die-hard fans.
And the issue was compounded by billionaire Elon Musk's takeover of Twitter which reversed the ban on Trump and other right-wing figures - diluting the case for an alternative platform.
Truth Social estimates around 100,000 users per month meaning at its current pace it would not hit its projected 81 million users until 2086.
Digital World is planning to take the company public and has until September 8 to complete the merger.
But the corporation has also been mired in chaos after its CEO Patrick Orlando was sensationally sacked from the job 'due to unprecedented headwinds faced by the company.'
