Trump Family's Stock Takes a Big Hit as Crypto Market Struggles

The Trump family's wealth has taken a significant hit recently. Their company, Trump Media & Technology Group, has seen its stock price drop to record lows. This has wiped out over $5 billion in value for the family. The stock, which trades under the symbol DJT, has fallen nearly 70% this year alone. Much of this drop happened in just the past month. President Trump owns a large number of shares in the company, around 115 million. These shares are held in a trust managed by his son, Don Jr. At its peak in mid-May 2024, the family's holdings were worth nearly $6. 5 billion. But since then, they've lost over $5. 3 billion in value. The company's struggles are linked to the broader crypto market meltdown. Cryptocurrencies have been on a downward trend since Trump Media announced a $2 billion Bitcoin purchase in August. Bitcoin prices briefly dipped below $90, 000 on Tuesday, erasing all of its gains for the year. Traders are pulling back from risky investments as hopes for an interest rate cut fade. This has contributed to the stock's decline. Trump Media hasn't commented on the situation yet. The company was created after Trump was banned from major social media platforms. It merged with a blank-check firm in 2021, and the stock once traded as high as $100. Despite the current downturn, the Trump family's personal crypto ventures have been profitable. They've made over $800 million from digital asset sales in the first half of this year. President Trump has pushed for the US to become a leader in crypto. He signed the “GENIUS Act” to boost confidence in digital currencies. The White House denies any conflict of interest, stating that the President and his family avoid such situations.