Share to Facebook Share to Twitter Share to Linkedin President Donald Trump’s stake in Trump Media & Technology Group, the parent company of Truth Social, dropped by $40.2 million Thursday–even as the stock outperformed broader markets, which slid following his sweeping new tariff plan. President Donald Trump speaks during his tariff announcement in the Rose Garden at the White House ... More on Thursday. (Photo by Andrew Harnik/Getty Images) Getty Images Trump Media shares closed Wednesday at $18.76, with markets closing before Trump detailed the extent of his tariffs. On Thursday, amid a global market selloff resulting from the tariff announcement, the stock dipped to $18.41—down 1.87% from the previous close. Trump owns 114.75 million shares in his media company, meaning his stake dropped by $40.2 million–a sizable decline, but far smaller than the $300 million hit he took after he was found guilty on 34 felony counts for falsifying records in May 2024. Still, Trump fared better than many fellow billionaires Thursday: Mark Zuckerberg, Jeff Bezos and Elon Musk each lost billions as markets reacted to his sweeping tariff plan. A White House spokesperson directed inquiries to Trump Media and the Trump Organization, neither of which immediately responded to requests for comment. Key Background Roughly half of Trump’s estimated net worth comes from his stake in Trump Media, which he holds through a revocable trust of which he is both the sole grantor and sole beneficiary. On Wednesday, Trump announced sweeping tariffs of 10% to 54% on imports from more than 180 countries, releasing a list of tariff targets that included some uninhabited islands. The announcement rattled global markets: the Dow Jones Industrial Average fell 3.98%, the S&P 500 dropped 4.84% and the Nasdaq Composite index plunged 5.97%. International indexes also tumbled, with the U.K.’s FTSE 100 slipping 1.55%, Germany’s DAX off 3.1% and Japan’s Nikkei 225 shedding 2.77%. Crucial Quote “THIS WILL BE THE GOLDEN AGE OF AMERICA!,” Trump wrote in a Truth Social post about tariffs on Feb. 2. “WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!). BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID.” The White House dismissed concerns about economic fallout from the tariffs, with spokesperson Karoline Leavitt telling NewsNation on Thursday there would be “no pain” for U.S. companies or workers because jobs would return to American soil. What To Watch For How Trump Media investors respond over time to Trump’s tariff push remains to be seen. Surprising Fact Despite ending the day down, Trump Media stock actually rose earlier in Thursday’s session—hitting an intraday high of $19.11 around 1:45 p.m. Trump Media accused Axios and the Financial Times of defamation and market manipulation, after each outlet suggested on Wednesday that a new SEC filing may signal Trump was preparing to sell his stake. Trump Media claimed the reports triggered a selloff—though shares ultimately closed up 2% that day, with an intraday low just $0.03 below its opening price. Spokespeople for Axios and the Financial Times did not immediately respond to inquiries. $4.06 billion—that’s Trump Media’s market cap, with Trump’s personal stake accounting for a bit more than half of its valuation. Forbes Valuation Forbes estimates Trump’s net worth at $5.1 billion. Editor’s Note In November 2023, Trump Media sued 20 media outlets, including Forbes, for reporting that included calculations of its financial results while still a private company. The defendants have moved to dismiss the claims. Further Viewing Further Reading Here’s What Will Cost More After Trump’s Tariffs: Coffee, Cars—And Possibly A $2,300 iPhone (Forbes) Trump’s Tariffs Face Growing Republican Backlash: ‘Last Thing We Need’ (Forbes) Hotel Stocks Hit By Tariff Turndown (Forbes) Trump Media Paid Donald Trump Jr. Nearly A Quarter Of Its Annual Revenue. He Attended Just Two Board Meeting (Forbes) CEO Devin Nunes Made $47 Million While Truth Social Parent Company Reported $401 Million In Losses In 2024 (Forbes) Here’s How Much Trump Has Made By Not Selling His Truth Social Stock (Forbes) Trump Media Executives Launch New SPAC Seeking $179 Million—And Target Crypto, Defense Sectors (Forbes) Follow me on LinkedIn. Check out my website. Send me a secure tip. Zach Everson Editorial Standards Forbes Accolades