Reuters estimates Trump Media investors lost $2.2 billion
Where it stands
Reuters estimates outside Trump Media investors collectively lost more than $2.2 billion while President Trump's 114.75 million-share stake was worth about $460 million at the November 5 close; the company disputes Reuters' methodology, and the figures are estimates rather than realized-loss findings.
Sources reviewed: Nov 6, 2026 · 8:55 AM EST
Reuters estimates that outside investors in Trump Media & Technology Group collectively absorbed more than $2.2 billion in losses. Reuters says it calculated gains or losses for each tranche of shares issued or sold by Trump Media, its predecessor entities and insiders, adjusted for buybacks, using public filings, court records and mark-to-market accounting reviewed by three finance professors.
The report says President Trump's 114.75 million shares, received without a cash payment in the 2024 merger with Digital World Acquisition, were worth about $460 million at Trump Media's November 5 closing price of $4.02. The stake previously had a paper value above $6 billion.
These are Reuters estimates of current market value and aggregate investor performance—not findings that President Trump sold shares or personally realized a loss.
The response.
Trump Media told Reuters that it has a strong balance sheet and is focused on shareholder value, including its proposed merger with TAE Technologies. The company called Reuters' calculations biased and said they misrepresented its filings and market dynamics, but declined to identify a specific calculation error. Its general counsel argued that daily trading makes individual sellers' gains or losses unknowable. Reuters said its method follows mark-to-market accounting and reduces estimated losses for share buybacks. Reuters also found no evidence supporting interviewed shareholders' claims of naked short selling and reported that short interest was below the average for similarly sized companies. The October 29 SEC filing reports the Trump trust's 114.75 million shares as about 22% of outstanding stock at that filing and identifies Donald Trump Jr. as sole trustee; the filing does not establish Reuters' aggregate-loss estimate.
Dates & scope
Source publication: Nov 4, 2026 · 8:58 PM EST
Event or conduct: 2026-11-04.
Full chronology and review notes
The existing article was first published November 4 at 8:58 p.m. EST after Trump Media closed at $4.49. Reuters published its investor-loss analysis November 6 at 6:06 a.m. EST, using the November 5 closing price of $4.02. The Ledger reviewed the full Reuters report and Trump Media's October 29 SEC registration statement at 8:55 a.m. EST November 6. The November 3 election, November 4 and November 5 trading sessions, original Ledger publication, Reuters publication and current Ledger review are distinct events.
This is a dated report. The source-review time records when the linked sources were checked; it is not a live update.
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Open the original record.
- Reuters: Trump Media's investors lost $2.2 billion while Trump holds $460 million stake ↗
November 6 analysis published at 6:06 a.m. EST; explains Reuters' methodology, reports interviewed shareholders' experiences, gives Trump Media's response and distinguishes estimated outside-investor losses from President Trump's remaining paper stake
- U.S. Securities and Exchange Commission: Trump Media & Technology Group amended Form S-4 ↗
Primary October 29 registration statement reporting 114.75 million shares held by the Donald J. Trump Revocable Trust, approximately 22% ownership at that filing, Donald Trump Jr. as sole trustee and terms of the proposed TAE Technologies transaction
- Associated Press: Stocks surge, and the Dow soars 1,500 points as oil prices tumble following the US midterm elections ↗
November 4 post-close market report documenting Trump Media's 24.5% decline, $4.49 close and the broader market's gains
- Yahoo Finance: Trump Media & Technology Group Corp. historical prices ↗
November 4 historical price table showing a $5.37 open, $4.49 close, prior $5.95 close and approximately 21.6 million shares traded
- Trump Media & Technology Group: Investor Relations ↗
Company investor-relations page; Reuters obtained a direct company response to its November 6 analysis, which is included in the article
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