Trump bumped from Bloomberg's list of billionaires as Truth Social stocks plummet

Former President Donald Trump has been bumped from Bloomberg's list of billionaires, according to new reports.

Trump's name did not appear Tuesday on the financial news site's daily ranking of the world's 500 richest people, based on net worth analyses of the billionaires' profiles and the day's trading.

USA Today, the first to spot Trump's absence, linked Trump's fall to the problematic public opening of the eponymous media company that parents Truth Social.

"Tuesday has been the stock’s lowest trading day since Trump Media merged with the public shell company Digital World Acquisition Corp," the report notes.

"The price dip has wiped out billions of dollars from the company’s market value."

USA Today put the value of Trump Media — of which the former president owns the majority stake of about 57 percent — at about $5 billion as of Monday evening.

The company, trading under the ticker symbol DJT, was reportedly valued at nearly $8 billion when it debuted on the stock market two weeks ago.

Shares in the firm plummeted by more than 15 percent on April 1 after investors got their first peek at the financials.

Trump Media reported a net loss of $58 million in 2023 on revenues of just over $4 million, those filings showed.

The stocks may be low but the stakes are high for Trump, facing mounting legal fees linked to four criminal court cases and an upcoming presidential campaign that has seen him struggling to keep up with President Joe Biden's campaign donations.

ALSO READ: A criminologist explains why keeping Trump from the White House is all that matters

Trump this year was also found liable in two civil court cases that demanded cash judgements of more than $500 million in total.

Writer E. Jean Carroll successfully sued Trump for defamation and was awarded $83.3 million and his court battle against New York Attorney General Letitia James ended with a $464 million ruling.

Trump denies wrongdoing and is pursuing appeals in both case, but as is required by New York law, must first cough up the cash.

News of Trump's removal from Bloomberg's billionaire index Tuesday was not met with blanket surprise on social media.

"Donald Trump is broke and is now begging for money on Truth Social," replied X user @MonitorFake.

Forbes estimates Trump's worth is $4.8 billion and ranks him as the 659th richest person in the world.