Even though former President Donald Trump’s social media stock has experienced a wild rise over the past five weeks that had absolutely nothing to do with the company’s actual operations, it has now suffered a sudden slump.
The stock price of Truth Social‘s company, Trump Media & Technology Group, plunged 22.3% on Wednesday 10/30. That marks Trump Media’s worst one-day loss since it went public in March, far surpassing its 21.5% loss on April 1.
At Tuesday’s 10/29 close above $51, Trump’s controlling stake in the company was valued at about $5.9 billion. By the end of trading on Wednesday, the value of Trump’s stock had fallen to $4.6 billion. That means the Republican presidential candidate in the November 5 election lost $1.3 billion in net worth in just 24 hours.
As CNN reports, it’s not clear exactly what caused the sharp reversal for Trump Media, whose stock price has become an indicator of how traders believe this election will play out. For its part, Trump Media has not released any major news that could explain this sharp drop.
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