US President Donald Trump lost $73 million from his estimated $6.5 billion fortune on Wednesday morning after Democrats won control of both houses of Congress in the November 3 midterm elections, Forbes reported.
Shares of Trump Media & Technology Group, the company behind Trump’s social media platform Truth Social, fell more than 11% shortly after the US stock market opened on Wednesday. The stock hit an all-time intraday low of $5.23 per share, falling below its previous record low of $5.40, which it had touched last week, Forbes reported.
Trump Media shares lose election gains
The fall came as investors reacted to the US midterm election results , which gave Democrats control of both the Senate and the House of Representatives. Trump Media shares have also suffered a major fall over the past year. Trump Media was already facing financial pressure before Wednesday’s stock market fall. However, the merger is not yet complete. The company also plans to hold an earnings call that evening.
Trump Media shares had gained around 5% during the November 3 trading session, before the election results became clear. However, most of those gains disappeared after Democrats secured victories in both chambers of Congress, 24/7 Wall St reported. The stock is down more than 55% in 2026, according to Forbes. Another market report put its year-to-date decline at around 60%. The stock has fallen around 41% over the past month, showing the pressure on the company even before the latest election-related decline, 24/7 Wall St reported. The company reported a net loss of $238.1 million in the second quarter of 2026, against revenue of just $1.7 million, InvestorsHub reported. A large part of the reported loss came from $190.4 million in unrealised losses on digital assets and equity securities. The company also reported $25.6 million in legal expenses, InvestorsHub reported. Trump Media is scheduled to release its third-quarter 2026 financial results after the US stock market closes on November 9.
It still needs approval from shareholders and regulators before the deal can go ahead.
