Trump loses $1.3 billion in net worth after the worst-ever day for his social media stock

# Trump's Social Media Stock Experiences Significant Decline

After a significant increase over the past five weeks unrelated to business activities, the social media stock owned by a former President has experienced a sharp decline. The stock price of Trump Media & Technology Group dropped 22.3%, marking its worst single-day loss since March. 

Previously, the stock closed above $51 with the company's value at $5.9 billion, but fell to $4.6 billion by Wednesday's end, reducing the former President's net worth by $1.3 billion. The cause of this downturn remains unclear, although it may be linked to technical factors and momentum loss in its status as a meme stock.

This volatile stock previously saw a rally that quadrupled its value since late September, driven by market bets on the former President's potential White House win. Its value briefly surpassed that of a rival Elon Musk-owned network, despite having a considerably smaller user base.

Fundamentally, the company’s valuation is puzzling, given that it generated just $1.6 million in revenue this year compared to much larger revenues by other media firms. Analysts have likened its trajectory to that of other meme stocks, and trading strategies around the stock have been influenced by the high cost of borrowing shares.