Donald Trump's Trump media, which owns Truth Social, continues its freefall, and this has already affected his net worth negatively. Meanwhile, a new Fox News poll showed him losing to Joe Biden for the first time after the former president became a convicted felon for losing the porn star hush money trial.

Shares of Trump Media continued to slide and this led to the value of his stake in the social media company going down by a whopping $2 billion this month. While Trump Media started strong early on, it has since plummeted, and his criminal conviction only sped up its downfall.

According to Forbes Magazine, the former president's net worth went down by approximately $475 million on Thursday. The magazine still has his net worth by around $5 billion because of his properties and various investments, but on Thursday, it took a massive hit, which was around an 8% decrease.

When Trump Media launched back in March of this year, the former president and now convicted felon's net worth grew by around $4.1 billion. However, the decline adds to an earlier dip this week, with Trump Media shares falling by nearly 10% on Tuesday.

After its strong start, Trump Media has had some very volatile stock movement. This includes a massive 20% drop after he was found guilty of falsifying business records in his porn star hush money trial.

As for his legal fees, Trump is paying for them through his various Super Pacs, with the former president being notorious for not paying his lawyers out of pocket, with former lawyers like Rudy Giuliani and Michael Cohen admitting they were not paid by Trump that much for all the work they did for him.

Trump Media and Truth Social Generates Very Little Revenue

As for Truth Social itself, market experts have long pointed out that the high volume and price volatility of Trump Media stock is very unusual because Trump Media itself is known to generate very little revenue when compared to other social media giants such as X and Meta.

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Trump still holds 114,750,000 shares in the company, which is around a 65% stake. This is still worth around $3 billion even after Thursday's losses, according to CNBC. However, he still cannot sell his shares until a six-month lockup period expires in late September. Trump Media stock prices may go further down by that time.

Joe Biden Is Now Leading Trump in a New Fox News Poll

Meanwhile, after Donald Trump's financial and legal woes, the former president is now also sliding in the polls, even in a new poll by Fox News, which is known to be biased towards him.

Joe Biden now has 50% of the votes in the Fox News poll, while Trump has 48%. Fox News, noted for its criticism of the Biden economy, noted that the "improved evaluations of the economy, a range of other events since the May survey could influence small shifts in vote preference, including Trump's hush money conviction, Hunter Biden's gun trial conviction, a positive U.S. jobs report, and Biden's immigration executive order."

In a hypothetical five-way race, Fox News also conceded that Biden won their poll with 43% of the vote, while Trump received around 42%.

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This article is owned by Latin Post.

Written by: Rick Martin

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