Trump Media hasn’t been spared in the stock market decline. It’s down 44% this year

• President Donald Trump’s media company saw its stock price fall 44% since the start of the year. The decline cost Trump about $1.7 billion of his net worth. With about 46% of Trump’s net worth tied up in his media company’s stock, he hasn’t been spared from the beating the stock market has taken so far in 2025. 

Shares of President Donald Trump’s media company fell sharply since the start of the year along with the rest of the stock market. 

So far in 2025, the Trump Media & Technology Group’s (TMTG) stock has declined 44%. The president is TMTG’s largest shareholder, owning about 114.7 million shares, enough for a 52% stake in the company. (Trump’s shares are in a revocable trust of which he is the sole beneficiary, which is controlled by his son and TMTG board member Donald Trump, Jr.). 

The drop in share prices means the president's own net worth has declined by about $1.7 billion in 2025. At the start of the year when TMTG’s stock was at $34.02, Trump’s stake was worth $3.9 billion. Now that TMTG’s share price sits at $18.75, it is worth just $2.2 billion. 

TMTG did not immediately respond to Fortune's request for comment.

TMTG now makes up a major portion of Trump’s net worth. Trump’s shares in TMTG account for roughly 46% of his reported $4.7 billion net worth, though that amount can change based on the stock’s performance at any given time. The remainder of Trump’s net worth comes from his real estate business, the Trump Organization. Trump also earns money from various cryptocurrency businesses he is involved in, but that value is more difficult to quantify. 

It has been a tough start to the year across the board for U.S. stocks. After two years of booming gains north of 20%, the S&P 500 has declined 4.4% in 2025. Other indices like the Dow Jones Industrial Average and the Russell 2000 have also had a rocky start to the year, falling 1.2% and 10.1%, respectively. One factor charging the stock market decline has been elevated levels of economic uncertainty resulting from the Trump administration’s choices.  Since taking office, Trump has made good on his campaign promises to adopt an unorthodox trade strategy of blanket tariffs. In doing so, Trump risks upending the free market policies that govern virtually all of global trade. 

The stop-start nature of the tariff rollouts, the fact they’ve hit some of the U.S.’s main trading partners and allies, and a lack of clarity on which goods they will target have left investors feeling uneasy about where the economy was headed. Since taking office, Trump has implemented tariffs on Mexico and Canada, only to remove them shortly after, and threatened similar policies against the European Union. He has also placed further tariffs against China. 

Last week, Trump also implemented sector specific tariffs of 25% on all automobile imports. That decision left American manufacturers reeling, given they import parts and automobiles from their factories abroad. 

Despite the fact TMTG’s share price has not been immune to the struggle of the macroeconomic backdrop, it has had an active start to the year. The company announced a new fintech platform in partnership with Charles Schwab called Truth.Fi that will invest in various ETFs focused on cryptocurrencies, energy, and the U.S. manufacturing sector. The board has also formed an investment fund special committee to explore possible acquisitions for TMTG as the company seeks to expand its existing tech holdings. Currently, TMTG has the social media network Truth Social, its flagship product, and a streaming service dubbed Truth+.

This story was originally featured on Fortune.com