Shares of a media company owned by former President Donald Trump have dropped 9% on Friday, reaching their lowest level since going public last week. This decline has led to a loss of almost $2 billion in Trump’s stake in the company. The company’s shares initially soared to $79.38 on March 26 but have since fallen by as much as 47%, hitting a low of $41.90 on Friday. Trump’s personal stake in the company is now worth around $3.3 billion, down from $4.9 billion. The company recently disclosed a loss of $58 million last year with minimal revenue, leading to concerns about its valuation. Some critics, including billionaire Barry Diller, have referred to the company as a “scam” due to its lack of revenue. A spokesperson for the company criticized these claims and defended its commitment to allowing diverse political expression.
