Trump’s net worth plunges by $1.3 billion

Donald Trump’s net worth has taken a massive hit since Kamala Harris entered the presidential race.

Donald Trump has suffered a $1.3 billion loss since Joe Biden dropped out and Kamala Harris entered the 2024 US presidential race.

The value of the former president’s dominant stake in Trump Media & Technology Group, which owns Truth Social, stood at just over US$4 billion ($6 billion) as of July 19 and has since dropped to about US$3.1 billion ($4.67 billion), an analysis by CNN revealed on Friday Australian time.

It reported Trump Media & Technology Group’s share price had tumbled by about 23 per cent over this time.

July 19 was the final trading day before Mr Biden withdrew from the race and endorsed his current Vice President, Ms Harris, on July 21.

The official Biden HQ campaign social media accounts were quickly rebranded as Kamala HQ as Ms Harris became the new face of the Democrats’ campaign.

Republican presidential nominee and former US president Donald Trump. Picture: Spencer Platt/Getty Images/AFP

Truth Social is a social media platform that was launched by Mr Trump in early 2022 after he was banned from other platforms like Facebook, Instagram and Twitter, now known as X.

Mr Trump is currently being severely criticised over his remarks at an event attended by black journalists, where he repeatedly clashed with the female moderators and questioned whether his opponent, Ms Harris, was being honest about her heritage.

Ms Harris was born in the United States. Her parents were both immigrants, with her mother originally hailing from India and her father from Jamaica.

US Democratic Presidential candidate and US Vice President Kamala Harris. Picture: Brandon Bell/Getty Images/AFP

Mr Trump said: “I’ve known her a long time, indirectly. Not directly, very much. And she was always of Indian heritage. And she was only promoting Indian heritage. I didn’t know she was black until a number of years ago when she happened to turn black. And now she wants to be known as black.

“So I don’t know. Is she Indian or is she black?”

“She has always identified as a black woman,” said ABC News journalist Rachel Scott.

“I respect either one, but she obviously doesn’t,” Mr Trump persisted.

“Because she was Indian all the way, and then all of a sudden she made a turn, and she went, she became a black person. I think somebody should look into that too. When you continue in a very hostile, a nasty tone.”

Originally published as Trump’s net worth plunges by $1.3 billion