Donald Trump’s Net Worth Falls By $700 Million As Truth Social Flops
Trump’s Net Worth Falls By $700 Million After Truth Social FlopsFormer U.S. President Donald Trump is facing serious charges, but that’s not the only crisis he’s currently dealing with. According to a new report by Forbes, the billionaire’s net worth has reportedly dropped by $700 million.
The publication largely blames Trump’s social media platform, Truth Social, which he started after being banned from Twitter in 2021 after being accused of inciting the Capitol Riots.
Despite funneling a lot of his own money into the platform, it hasn’t returned the favor. When compared to other social media sites, Truth Social isn’t nearly as popular, which affects its revenue. And at the rate its growing, it’s not forecasted to become profitable.
This is coupled by the fact that Trump’s Twitter reversal was overturned when billionaire Elon Musk bought the platform last fall in a bid to make it more open to “free speech.”
Now, Trump is reportedly feeling the weight of what starting his own social media platform has done to him.
Trump was recently indicted by a New York jury over his role in paying hush money to adult movie actress Stormy Daniels before he was elected as president in 2016. Trump is currently facing misdemeanour charges over falsifying business records in the first degree, but it could become a felony if proven it was done in connection to another trial.
Trump has been involved in a series of criminal and legal problems since his presidency, which lasted from 2017 to 2021. In January, it was reported that the politician had been ordered to pay nearly $1 million after suing Hilary Clinton.
He originally sued his former political opponent in March 2022, alleging that Clinton, the Democratic National Committee, and former FBI Director James Comey had spread rumors that he conspired with Russia during his presidential campaign.
The lawsuit was subsequently thrown out by a judge in September. The defendants – including Clinton – later filed a joint motion against Trump, which resulted in the fine.
“Mr. Trump is a prolific and sophisticated litigant who is repeatedly using the courts to seek revenge on political adversaries,” Judge Middlebrooks said of Trump when issuing the fine. “He is the mastermind of strategic abuse of the judicial process, and he cannot be seen as a litigant blindly following the advice of a lawyer. He knew full well the impact of his actions.”
Sources: Forbes, Hindustan Times,
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