The wealth of former President Donald Trump in social networks has started to shrink. The value of his stake in Truth Social Corporation has fallen by $900 million since Vice President Kamala Harris entered the race for the White House presidency on July 21, 2024.
The value of Trump's controlling stake in the social networking company, as of July 19, was over $4 billion, while when Kamala Harris was handed the baton and the trust of President Joe Biden, the value dropped to $3.1 billion.
The numbers come as national and "battlefield" polls for the presidency show close results between Trump and Harris. In case Trump wins the election, it is very likely that Truth Social will become the presidential communication platform, which will bring even more growth and downloads of the platform.
In June, the social network's stock price rose sharply, following Joe Biden's chaotic performance in the open debate with Trump. When former President Donald Trump escaped assassination in Pennsylvania, the stock rose again, adding to Truth Social's attempts to gain attention in the social media world.
"Trump Media" stock prices have experienced high turbulence since the platform's release. However, experts say that the company is drastically overvalued, since Truth Social is just a small part of social networks (taking into account the popularity of TikTok, Instagram, X, etc.).
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