Trump Media Stock (DJT) Plunge Destroys $2.2 Billion in Retail Wealth as Donald Trump Keeps $460 Million Stake

Outside investors in Trump Media & Technology Group DJT have lost more than $2.2 billion since 2021 as the company’s stock collapsed to record lows, according to a Reuters. DJT shares closed at $4.02 on Thursday after falling 32% since Tuesday’s midterm elections, when Democrats won control of both the House and the Senate.

Even as retail investors face large losses, President Donald Trump holds 114.75 million shares worth about $460 million at Thursday’s closing price. Securities filings show that Trump and his family put little to none of their own cash into the company, and Trump received his shares for free during a 2024 merger with blank-check firm Digital World Acquisition Corp.

Retail Investors Lose Billions as Trump Keeps $460 Million Stake

Reuters calculated the $2.2 billion loss by tracking dozens of stock sales since 2021 that raised $2.7 billion, while factoring in share buybacks. Three finance professors reviewed the math and said it follows standard accounting rules used by fund managers.

Trump Media pushed back on the findings and pointed to its planned merger with nuclear fusion company TAE Technologies.

“TMTG has built a strong balance sheet and is focused on creating value for shareholders, including its proposed merger with TAE Technologies,” the company said in an email to Reuters. Trump Media added, “Your dubious, biased calculations misrepresent the facts, market dynamics, and TMTG’s public filings.”

General counsel Scott Glabe also wrote in a letter to Reuters that “millions of shares of Trump Media change hands in the public markets every trading day, and information about whether any given seller achieved a profit or loss is unknowable.”

Trump Family Crypto Projects Add Another $2.3 Billion in Losses

The stock plunge adds to big losses across other ventures tied to the first family. Retail investors poured money into four major Trump-backed crypto projects. These ventures included the president’s meme coin, crypto exchange World Liberty Financial, mining firm American Bitcoin, and blockchain company AI Financial. Token prices subsequently crashed, leading to a combined loss of $2.3 billion through April.

Meanwhile, an Ipsos poll found that most Americans, including 69% of independents and nearly half of Republicans, believe Trump’s business deals have shaped his choices in office.

Many loyal voters who bought Trump Media shares now question how insiders fared so well while everyday investors lost their savings. Ske Jarzenske, a 52-year-old three-time Trump voter in Austin, Texas, put 20% of his net worth into the stock and is now down 88.5%.

“The Trump family, they say they care but to me they have all this money and they keep making more money, but how about the little people?” Jarzenske told Reuters.

Truth Social Revenue Stalls While Bitcoin Bet Drops

Several retail shareholders blamed mismanagement and illegal short selling for DJT stock’s drop.

For instance, Colorado nurse Patricia Spoerl bought shares at an average price of $45.32 and now sits on a $28,000 loss, while California retiree Hugh Baron is down 88.5% after buying shares as high as $53.54. However, Reuters found no proof of illegal naked short selling and noted that short interest in Trump Media is below average for a company of its size.

Instead, company filings show that Trump Media’s core social media business has struggled to grow while burning through cash. Annual revenue has stayed flat near $4 million for the past three years. The company also spent more than $200 million building its Truth Social streaming service, which brought in just $630,000 in revenue between August 2024 and June 2026.

In addition, Trump Media bought Bitcoin (BTC-USD) near the top of the market for its corporate treasury, right before crypto prices tumbled.