Trump Media stock plunges 11% to record low after Democrats win Congress, wiping $73 million off Trump's fortune | Hindustan Times
US President Donald Trump lost $73 million from his estimated $6.5 billion fortune on Wednesday morning after Democrats won control of both houses of Congress in the November 3 midterm elections, Forbes reported.
Donald Trump loses $73 million as Trump Media shares hit a record low after Democrats win Congress. (REUTERS/File)Shares of Trump Media & Technology Group, the company behind Trump's social media platform Truth Social, fell more than 11% shortly after the US stock market opened on Wednesday.
The stock hit an all-time intraday low of $5.23 per share, falling below its previous record low of $5.40, which it had touched last week, Forbes reported.
The fall came as investors reacted to the US midterm election results, which gave Democrats control of both the Senate and the House of Representatives.
Trump Media shares had gained around 5% during the November 3 trading session, before the election results became clear. However, most of those gains disappeared after Democrats secured victories in both chambers of Congress, 24/7 Wall St reported.
Trump Media shares have also suffered a major fall over the past year. The stock is down more than 55% in 2026, according to Forbes. Another market report put its year-to-date decline at around 60%.
The stock has fallen around 41% over the past month, showing the pressure on the company even before the latest election-related decline, 24/7 Wall St reported.
Trump Media was already facing financial pressure before Wednesday's stock market fall. The company reported a net loss of $238.1 million in the second quarter of 2026, against revenue of just $1.7 million, InvestorsHub reported.
A large part of the reported loss came from $190.4 million in unrealised losses on digital assets and equity securities. The company also reported $25.6 million in legal expenses, InvestorsHub reported.
However, the merger is not yet complete. It still needs approval from shareholders and regulators before the deal can go ahead. Trump Media is scheduled to release its third-quarter 2026 financial results after the US stock market closes on November 9. The company also plans to hold an earnings call that evening.
Durva More is a Senior Content Producer at Hindustan Times, where she covers finance, and global news. She brings experience across digital and television journalism, with a strong focus on breaking news, business reporting, and international affairs. Before joining Hindustan Times, Durva worked as an International News Writer at The Economic Times, covering a diverse range of subjects including global politics, business, sports, entertainment, and major world events. She also worked as a Business Reporter with NDTV Profit. A postgraduate diploma holder in Journalism from the Asian College of Journalism, Durva is passionate about field reporting and storytelling. She thrives on the adrenaline of chasing stories, speaking with people from different walks of life, and amplifying voices that deserve to be heard. Her reporting is driven by curiosity, accuracy, and a commitment to making complex subjects accessible to readers. When she is not chasing stories or covering breaking news, Durva enjoys reading books and painting. She loves exploring new ideas, meeting people, and learning about different perspectives. For her, both journalism and art are ways to understand the world and tell stories that matter.Read More
