Topline
Shares of Trump Media and Technology Group, the parent company of the president’s Truth Social platform, fell by more than 8% on Thursday and wiped more than $200 million from President Donald Trump’s net worth, as the president publicly clashed with billionaire Elon Musk—whose personal fortune nosedived nearly $27 billion amid a selloff in Tesla shares.
Truth Social’s parent company, Trump Media and Technology group’s shares fell by 8% amid the … More
Key Facts
The stock price of Trump Media and Technology Group, which trades on Nasdaq under the DJT ticker, dropped by 8.04% on Thursday to $20.12.
The social media company’s shares began the day slightly in the red, but fell steeply in afternoon trading as Musk alleged, without evidence, that Trump’s name was on the “Epstein files,” and backed calls for his impeachment.
Musk’s side of the feud mostly played out on the billionaire’s social media platform, X, while the president used his Truth Social platform to respond, where he threatened to “terminate Elon’s Governmental Subsidies and Contracts.”
Amid the intense social media feud, several users reported on DownDetector that the TMTG-owned platform was inaccessible to them, with the President’s personal feed appearing blank with the message “No Truths.”
Forbes Valuation
According to our estimates, President Donald Trump’s net worth stood at $5.4 billion early on Friday, after dropping around $202 million amid Thursday’s selloff. Despite this, the president’s fortune remains more than double what it was at the start of 2024.
Tangent
The price of Tesla’s shares fell more than 14% on Thursday as the electric carmaker’s CEO publicly clashed with Trump on social media. Tesla’s stock ended the day at $284.70 as the 14.2% fall marked its 11th worst single trading day since going public in 2010. The carmaker’s stock had slumped as low as $275 on Thursday as Trump responded to Musk’s jabs by threatening to terminate “Governmental Subsidies and Contracts” granted to the billionaire’s companies. Musk then appeared to double down by saying he would decommission SpaceX’s Dragon spacecraft used by NASA to transport astronauts to the International Space Station. The huge Tesla selloff slashed around $26.6 billion from the world’s richest man’s net worth.
What To Watch For?
In after-hours trading, Trump Media’s shares briefly slumped to $19.30. However, signs of a potential truce between Musk and Trump have triggered a slight recovery in the premarket. In early trading on Friday, the social media company’s share price went up around 1.15% to $20.35. Tesla has also seen a recovery, with the electric vehicle maker’s stock price rising by 4.55% to just below $298. The recovery comes after Musk signaled he is open to de-escalating his fight with Trump after hedge-fund billionaire Bill Ackman tweeted that both of them “should make peace for the benefit of our great country…We are much stronger together than apart.” Musk responded to Ackman’s tweet saying: “You’re not wrong.” Politico also reported that White House aides are working behind the scene to persuade Trump to “temper his public criticism of Musk” and they have purportedly scheduled a call on Friday with the billionaire.
Further Reading
Here’s The Full Musk Vs. Trump Meltdown—Latest: Musk Signals He’s Open To Truce (Forbes)
Elon Musk Becomes $27 Billion Poorer As Trump Quarrel Eats Into Net Worth (Forbes)
Tesla Plummets 14% In Stock’s 11th-Worst Day Ever As Musk’s Feud With Trump Escalates (Forbes)
