‘Let’s Continue Following The CRAZY!’ CNN Anchor Roasts Trump Stock Knocking Him Off Top Billionaires List

CNN’s Matt Egan and Kate Bolduan roasted former President Donald Trump after his Trump Media (DJT) stock knocked him off a list of top billionaires — the latest in a long line of misfortunes for the stock.

as ’s rise and Trump’s own actions affect the price — and an important deadline looms.

Trump’s Trump Media and Technology (DJT) company began trading on the NASDAQ stock exchange in the spring and immediately shot up in initial trading. But, the following Monday saw the stock sharply fall after some negative financial disclosures, then rallied somewhat, but has now fallen sharply again as Vice President Kamala Harris gains in the polls, Trump makes an ostentatious return to X/Twitter, and the date on which Trump can sell his shares looms.

On Thursday’s edition of CNN News Central , Egan and Bolduan went over the tribulations of the DJT stock, including the latest indignity — the stock dive knocked Trump off the Bloomberg Billionaire Index :

KATE BOLDUAN: This morning. Donald Trump has lost his place once again on Bloomberg’s Billionaires Index, the list of the world’s 500 wealthiest people, all because of his social media platform. CNN’s Matt Egan has the details on this one. Matt, what is going on here?

DONALD TRUMP: Yeah. Listen, it’s been an absolutely brutal stretch for this company. When they went public in the spring. The stock was flying, high money was pouring, and there were so many hopes for this company.

But it’s now down 74% since the peak in March. Look at this. The share price is down by about about half since July 21st. What’s the significance of that date? That is when President Biden dropped out of this race for the White House and he endorsed Kamala Harris.

And listen, this is no coincidence because in a lot of ways, this has become a way for traders to bet on the political fortunes of Donald Trump.

Now, this share price drop to the lowest level since the merger closed. It’s wiped out a lot of value for a lot of shareholders, including the former and potentially future president of the United States, Donald Trump. He owns 115 million shares in this company as recently as four months ago. That stake was worth over $6 billion. It’s still worth a lot of money right now. But look at this. $4 billion less now as far as why this has happened.

There are those political implications that I was talking about as far as what the polls show. But there’s other things out there, too.

It’s that, one issue is that the lock up restrictions that were preventing Trump and other insiders from selling those go away in the coming weeks. Now, experts say it will be really hard for Trump to dump all of his stake here. But just the fact that these lock restrictions are going away has created a lot of uncertainty. Does raise the risk of more supply of shares hitting the market and.

KATE BOLDUAN: Stop others from doing it.

DONALD TRUMP: It doesn’t stop others from doing it. Another issue, though, is that arguably the stock never should have been trading as high as it was. Right?

KATE BOLDUAN: Because a lot of skepticism, even from jump on that.

DONALD TRUMP: There were experts were saying all along that this was dramatically overvalued. This is a company that was losing money, generating almost no revenue.

And Truth Social, it’s a really tiny player in social media. I talked to Wall Street veteran Matthew Tuttle, and he told me that if this wasn’t Trump, this thing would be trading at a dollar.

Of course it is Trump. And polls show that this race remains way too close to call, so we should expect to see more turbulence ahead. The stock this morning is up 6% premarket, and I think we’ll see even more volatility after the debate tomorrow night.

KATE BOLDUAN: The only thing that that that this stock has proven is its volatility.

DONALD TRUMP: Absolutely crazy.

KATE BOLDUAN: Let’s continue following the CRAZY! Thanks, Matt Egan.

Watch above via CNN News Central .