Stocks and cryptocurrencies tied to President Trump have taken a nosedive since his inauguration, causing significant losses for some of his most enthusiastic supporters. Shares of Trump Media & Technology Group, the company behind Truth Social, have dropped 75% since Trump returned to office, reports the Wall Street Journal. Digital coins named after Trump and first lady Melania Trump have fared even worse, plunging 86% and 99% respectively. Another family-backed crypto project, World Liberty Financial, is down about 40% since it launched in September.
The broader market downturn has hit Trump-linked assets particularly hard, especially those with direct ties to the president and his family. The initial optimism that a Trump administration would mean deregulation, tax cuts, and crypto-friendly policies has faded, with investors now focusing on actual company performance rather than political hype. Trump Media, for example, is currently trading at a staggering 1,240 times its annual revenues. Last month, the company reported a larger third-quarter loss and a decline in revenue, down 3.8% year on year to just under $1 million, reports Reuters.
The pain isn't limited to Trump-branded ventures. Meme stocks and other speculative favorites have also taken a hit as market enthusiasm cools. Some, like a Reddit user who bought Trump Media stock at $46 only to see it fall to around $11, are left wondering when to cut their losses. On the flip side, some Trump-inspired sector bets have paid off, with healthcare and defense stocks rising and clean-energy shares suffering. However, regional banks have underperformed, and private prison stocks have tumbled after a brief post-election surge. (The Trump family's crypto fortune has fallen by $1 billion since September.)
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