Donald Trump's media company cratered Thursday in a fall that would have cost the former president $1 billion, according to a report.
DJT media stock dropped nearly 14% as trading was halted twice Thursday morning due to volatility, reported CNBC. It had earlier stopped but was restarted before it began falling again.
It followed a plummet of 22% before the markets closed a day earlier.
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Fortune called the impact of that on Trump substantial because he owns a majority stake in the "meme stock."
The site cited specific numbers from Forbes, which tracks the net worth of billionaires in real-time.
"Trump took a $1.3 billion hit on the day, since he owns around 57% of the company’s outstanding stock," said Fortune. "This could prove expensive as he faces legal costs from numerous criminal court cases, including a racketeering charge in Georgia for conspiring to interfere in the 2020 election."
News broke in April that the main platform of DJT Media, TruthSocial, lost about $23 million last year — and the company's value immediately began to fall. Then, at the end of September, the DJT media stock tumbled again to $12.65-a-share. It was a 52-week low, CNBC observed..
