Trump rides net worth rollercoaster with media stock that may plummet at any time: analyst

Former President Donald Trump is riding a net worth roller coaster as his eponymous media company stock plummets, recovers and positions itself to plummet again, according to a new analysis. And like a roller coaster rider, Trump is strapped in too tightly to call it quits, even if the curves make him queasy.

Forbes analyst Derek Saul Thursday published a thorough report tracking Trump Media's various plummets, free falls and a recent surprise rise.

"Trump’s net worth inched back above $4 billion Thursday for the first time since last week," Saul writes, "as shares of the Truth Social parent stage a surprise recovery."

But Forbes is quick to pull the brakes on any hopes Trump will end up on top.

ALSO READ: The overlooked detail in Trump’s Bible sales pitch

"Trump is still much less rich on paper than he was shortly after his company’s public debut," Saul notes, adding, "it’s entirely possible that the value of Trump’s social media holdings plummet further before he can sell any shares."

Federal regulations and a lock-up deal render Trump stuck with his 58 percent stake until about six months after the company's public debut, Saul notes.

But even on-paper only cash will come in handy as Trump faces a presidential campaign, mounting legal fees and a potential $464 million payout in a civil fraud trial he hopes to appeal, Saul writes.

ALSO READ: No, Donald Trump, fraud is not protected by the First Amendment

There's one final problem plaguing the publicly traded company, Saul concludes: Trump Media only made $4.1 million in revenue last year but the market values it at thousand times as much at $4.1 billion.

"Typical metrics indicate his company is still extremely overvalued," Saul writes, "giving it a price-to-sales ratio more than 350 times higher than that of the average S&P 500 company."