Donald Trump hasn’t been having an easy year, and it just got a little more difficult.
The former president’s net worth has fallen a whopping $1 billion, Bloomberg reported on Monday. That’s thanks to the rough 2023 that his social-media company had, losing more than $58 million last year. Now Trump is worth a mere $6.4 billion, according to the Bloomberg Billionaires Index, a decline of 14 percent.
Trump Media & Technology Group saw its shares tumble after the news was announced as well. On Monday, they droped 21 percent to $48.66 a share, Bloomberg noted. With Trump owning 57 percent of that company, according to filings with the U.S. Securities and Exchange Commission cited by the outlet, his stake is worth just less than $3.8 billion.
While Trump Media lost a good deal of money last year, it did see its revenue rise compared with the year prior. In 2022, the former president’s venture brought in just $1.5 million in revenue, Bloomberg wrote. Last year, that increased to $4.1 million in revenue. (The previous year was largely better for the company, though, with Trump Media tallying a $50.5 million profit.)
When compared with other social-media companies, Trump Media’s struggle becomes even more apparent. Last year, Reddit brought in $804 million in revenue, while Snapchat’s parent company saw $4.6 billion in sales. Those two businesses seem to be much larger than Trump’s Truth Social, however. While the latter revealed in February that it had about 9 million sign-ups, Reddit had 267.5 million weekly active users in the last quarter, and Snap had about 420 million daily active users in the first quarter.
Despite being a billionaire, Trump has been staring down cash-flow problems as he deals with several legal woes. On Monday, he was finally able to secure a $175 million bond in a civil-fraud case playing out in New York. The deal will allow him to avoid a $454 million payment while he appeals the case. The Donald’s stake in Trump Media won’t be able to help him here, though: A six-month lockup agreement means he’s not able to sell his shares, Bloomberg said.
With Trump’s first criminal trial scheduled to begin April 15—concerning claims that he faked business records to hide payments to the adult-film star Stormy Daniels—his rocky year seems set to continue.
