"Trump Media Company's Stock Plunge Wipes Out Billions in Value"

Shares of Donald Trump's media and technology firm, Truth Social, fell 12% on Monday, extending a selloff that has reduced the value of his stake to $2.9 billion. The company's stock closed 8.4% lower at $37.17, down about 40% in April, following disclosures of significant losses and financial struggles. Trump, who owns about 78.75 million shares, has seen the valuation of his stake slide sharply from around $6 billion last month, potentially impacting his ability to raise funds for his 2024 presidential campaign and legal expenses. Short-sellers have welcomed the declines, making about $16 million in market-to-market profits, despite still being down 69% for the year.