"Truth Social Flop Costs Trump $700 Million in Net Worth"

Donald Trump's net worth has dropped by $700 million since last fall, with $550 million of the loss attributed to the failure of his social media platform, Truth Social. The platform was projected to have 81 million users by 2026 but currently has only 5 million. Shares in Truth Social's acquisition company, Digital World Acquisition Corp., were trading at around $14 a piece, down from $97.54 on March 4. Forbes calculates that Truth Social is now worth $42 per user, meaning Trump's 85 percent stake in the business is likely worth $180 million today. The decline has caused Trump to plummet by 205 spots on the 2023 World Billionaire's list, to No. 1,217.