Jack Raines4/1/24

Truth Social is crashing and Trump just lost $865 million

Donald Trump’s net worth has declined by $865 million since the market opened today, after Trump Media & Technology Group’s (TMTG) stock price slid by 22% as investors digested an updated 8-K filing where TMTG’s management noted that they had “substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG.”

What does this mean for the former president?

Well, Bloomberg recently pegged Donald Trump’s net worth at $6.5 billion, but the majority of his wealth is tied up in his $3.9 billion stake in Trump Media, with the rest associated with his illiquid real estate properties.

While Trump’s paper stake in TMTG is worth $3.9 billion at current prices, his 78.75 million shares are about 57.1% of all shares outstanding. Only 17 million shares have changed hands in each of the last two days, down from 55 million on March 26th, the first day that TMTG hit the market.

Between declining trading volume and Trump’s six month lockup, it will be difficult for the former president to sell a notable portion of his TMTG holding without sending the stock price even lower.

With this kind of volatility, it might be a rough couple of months for the majority shareholder.

78.75M

(Trump’s shares in Truth Social)

6 Months until Trump can trade

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Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

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