President Donald Trump's net worth has tumbled from $7 billion on January 13 to $4.6 billion on Monday, according to Forbes, coinciding with a dramatic fall in the value of Trump Media & Technology Group (TMTG) stock.Newsweek contacted TMTG and the White House for comment on Tuesday via email.Why It MattersTrump is by some margin the richest president in United States history, and combined the office with a range of business interests including real estate, golf courses and a winery.In 2021 Trump founded TMTG after he was banned from Twitter following the storming of Congress on January 6 by hundreds of his supporters. TMTG launched Truth Social, a rival social media platform, which continues to be Trump's main outlet though he was restored to Twitter, now X, after Elon Musk purchased that platform.The sharp fall in Trump's wealth will raise questions about how his political and business interests are intertwined, and his handling of the American economy more generally, with the president refusing to rule out a recession on Sunday.What To KnowAccording to Forbes as of 11:20 a.m. ET on Tuesday Trump had a net wealth of $4.6 billion, making him the 753rd richest person in the world.However this represents a substantial fall from mid-January when Forbes recorded the then president-elect's wealth at $7 billion, following a $875 million surge in the value of TMTG shares, of which Trump owns the majority.Over the same period TMTG stock has fallen sharply in value from $42.91 per share on January 13 to $19.29 as of 11:20 a.m. ET on Tuesday.Since the company went public in March 2024, TMTG stock has been highly volatile, closing at a high of $66.22 on its second day of trading before plummeting to a close of $22.84 on April 16.Seemingly linked to the political fortunes of Trump, TMTG stock bounced back at the start of May and then dropped after the then presumptive Republican presidential nominee was found guilty of falsifying business records in relation to a hush money payment made to adult film star Stormy Daniels.TMTG stock went on a steady decline through the summer amid upheaval in the race for president, with Vice President Kamala Harris replacing President Joe Biden on the top of the Democratic ticket, and hit a record low closing price of $12.15 in mid-September.In December 2024 Trump transferred around 114.75 million worth of TMTG shares to the Donald J. Trump Revocable Trust, which he owns and has his oldest son, Donald Trump Jr., as the sole trustee.Trump's sharp decline in wealth comes after the S&P 500 lost 2.7 percent of its value on Monday amidst fears the president's ongoing trade wars could plunge the country into a recession. Speaking to Fox News' Maria Bartiromo on Sunday Trump refused to rule out a recession, commenting: "I hate to predict things like that."Earlier this month Trump introduced tariffs of 25 percent on all imports from Mexico and Canadian produce with the exception of oil, along with an additional 10 percent tariff on China. This sparked retaliatory tariffs targeting American business from Ottawa, Canada's provinces and Beijing.On Tuesday Trump declared a "national emergency on electricity" after Ontario Premier Doug Ford introduced a 25 percent surcharge on electricity exports to three American states. He also raised tariffs on Canadian steel and aluminum from 25 percent to 50 percent.What People Are SayingWhen asked about the possibility of a recession by Fox News on Sunday Trump replied: "I hate to predict things like that. There is a period of transition, because what we're doing is very big."There are always periods of...it takes a little time. It takes a little time. But I think it should be great for us."In a press release on Monday Ontario Premier Doug Ford said: "President Trump's tariffs are a disaster for the U.S. economy. They're making life more expensive for American families and businesses. Until the threat of tariffs is gone for good, Ontario won't back down. We'll stand strong, use every tool in our toolkit and do whatever it takes to protect Ontario."What Happens NextTrump's wealth and the TMTG share price have fluctuated considerably over the past year, often seeming more responsive to his political fortunes than any particular business decisions. If this model holds Trump's future wealth is likely to be heavily influenced by his actions as president and the broader impact they have on the U.S. economy.