The DJT stock crash wipes out $2.4 billion from Donald Trump's fortune

He owns the majority of shares traded under the ticker symbol DJT, and the stock has been a barometer for the former president's prospects this election cycle. It soared as polls trended in its direction for most of October.

Stocks were so high on Tuesday that Trump Media's market cap reached $10.8 billion, surpassing Elon Musk's social media platform X, which is worth an estimated $9.4 billion.

But the next day, a sell-off in DJT shares began, with volatility so extreme that trading was halted several times. By the end of the session, the stock had fallen 22%, marking its biggest one-day decline since Trump Media's initial public offering in March.

Shares fell 12% on Thursday and 14% on Friday, capping a 41% decline in just three days. That means the value of Trump's holdings rose from $5.9 billion to $3.5 billion over that period, resulting in a $2.4 billion decline in net worth, according to CNN.

The turning point may have been Trump's rally at Madison Square Garden on October 27, when comedian Tony Hinchcliffe called Puerto Rico “a floating island of garbage in the middle of the ocean,” sparking a fierce backlash.

According to Thomas Miller, a data scientist at Northwestern University who has developed an election model, the rally, which also featured other divisive speakers and remarks, was such a debacle that it may reverse Kamala Harris' political fortunes and win her the White House would have.

Failure to return to the presidency could prove particularly costly for Trump and the value of his social media company. If “Trump loses, I think at some point it goes to zero,” said Mattew Tuttle, CEO of Tuttle Capital Management Assets last month.

But even in this worst-case scenario, Trump will still be a billionaire, albeit on a smaller scale. Before the selloff, his net worth was between $7.5 billion and $10 billion, according to New York Times estimates Wall Street Journal.