DJT’s stock crash wipes $2.4 billion from Donald Trump’s wealth

He owns the majority of the stock, which trades under the ticker DJT, and the stock has been a barometer for the former president’s prospects this election cycle. It soared as polls began to tilt throughout most of October.

On Tuesday the shares were so high that Trump Media’s market capitalization was $10.8 billionsurpassing Elon Musk’s social media platform X, which is a estimated value of $9.4 billion.

But the next day, DJT stock started selling offwith volatility being so extreme that trading was halted several times. By the end of the session, the stock had fallen 22%, marking the biggest single-day drop since Trump Media went public in March.

Shares fell 12% on Thursday and 14% on Friday, capping a 41% plunge in just three days. That means the value of Trump’s stake increased from $5.9 billion to $3.5 billion during that period, resulting in a net worth decrease of $2.4 billion. according to CNN.

The The turning point may have been Trump’s rally at Madison Square Garden on October 27, when comedian Tony Hinchcliffe called Puerto Rico “a floating island of garbage in the middle of the ocean,” sparking a huge backlash.

The meeting, which also included other divisive speakers and remarks, was such a debacle that it could have reversed Kamala Harris’ political fortunes and won her the White House, according to Thomas Miller, a data scientist at Northwestern University who has a built an election model.

If he fails to return to the presidency, it could be extremely costly for Trump and the value of his social media company. If “Trump loses, I think it will eventually go to zero,” said Mattew Tuttle, CEO of Tuttle Capital Management, told Fortune last month.

But even in that worst-case scenario, Trump will still be a billionaire, albeit to a lesser extent. Before the sell-off, his net worth was somewhere between $7.5 billion and $10 billion estimates of the Wall Street Journal.