Trump's net worth falls after being convicted of fraud

After Trump covered up an affair with a porn actress and was convicted of fraud, the monetary assets of the former president of the United States, Donald Trump, suffered with a drop of US$454 million in his bank account this past Friday, day 31. On Thursday, the 30th, Trump had US$7.8 billion, however, the next day, at approximately 2pm in the afternoon, the balance had decreased and the former American president now had US$7.4 billion.

Stock fall

There was a drop in the shares of TMTG, Trump Media & Technology Group, Donald Trump's social media company, which is mainly focused on Truth Social, a social network that refers to the X platform.

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_{Trump arriving to testify in court (Photo: reproduction/Steven Hirsch/GettyImages Embed)}

After attacking Joe Biden, immigrants and saying he committed a “minor offense” in a speech about his conviction, Trump's shares and fortune took the biggest fall. However, before the conviction and trial, TMTG shares rose almost 125%.

Reason for discharge

Vitor Miziara, investment analyst, explains that the high number of investments in Trump's shares before the conviction is justified by the expectations of market investors. They hoped that the former president would emerge victorious from the trial and be able to run for election. Miziara quotes: “If there is an expectation that the president of the company could be president of the United States, investors expect something good from that.”

Nasdaq listed the shares of TMTG, which merged with Digital World Acquisition, in late March. The process, which lasted more than two years, resulted in a 40% increase in the value of negotiations on the first day. However, in just one week, the share value fell by 30%.

In addition to this drop, Trump's shares had revenue of just US$4 million, making investors question whether investing is really profitable.

Featured Photo: Donald Trump in court in the United States (Reproduction/Justin Lane/GettyImages Embed)