BREAKING: Donald Trump gets hit right in his pride as Bloomberg drops him from their coveted billionaires list — a clear indication that his financial problems are worsening.
The reason why he was dropped is the funniest part in all of this...
The list was released today and ranks the world's 500 richest people based on net worth analyses. In order to qualify, you need a net worth of at least $5.8 billion. According to Bloomberg, Trump has plummeted beneath that threshold.
The sudden drop is linked directly to the ongoing collapse of Truth Social. The stock has been steadily tanking since Trump Media, which owns the social media platform, merged with Digital World Acquisition Corp. Billions have been wiped from the company's market value.
Trump owns roughly 57% of Trump Media, so he has born the brunt of its nosediving value. The stock is dropping due to financial disclosures which showed that it recorded a net loss of $58 million in 2023.
On top of those problems, Trump is drowning in legal costs and on the hook for massive damages for court cases he lost, most notably the $464 million he owes from his New York fraud trial.
So much for being a genius businessman...
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