"Truth Social's Stock Plunge Wipes Billions from Trump Media's Market Value"

Shares of Trump Media plunged as much as 10% on Wednesday, sending the company's market value below $5 billion for the first time since it went public. Donald Trump's wealth has also taken a hit, with Forbes now placing him at 699th globally. The company's stock has plunged more than 40% month-to-date, and investors have grown jittery about its future after it disclosed a $58 million net loss for 2023 alongside just $4 million in revenue. Media guru Barry Diller criticized Trump Media as a "scam," and there are concerns that Trump selling his stake could further tank the share price.