Trump’s Truth Social empire hit by $400m Bitcoin wipeout as crypto market tumbles
The company behind Donald Trump’s social media platform Truth Social has suffered a staggering paper loss of more than $400m (£305m) after the value of its vast Bitcoin holdings plunged amid a brutal sell-off across the cryptocurrency market.
Trump Media & Technology Group held 11,542 Bitcoin at the end of September, filings show. Those digital coins were worth nearly $1.37bn when acquired over the summer. Today, their value has slumped to just over $950m — a drop of more than 30pc.
Bitcoin itself has been in freefall, sliding to as low as $82,070 on Friday, down more than 5pc in a single day and over 33pc from its October peak, when the cryptocurrency briefly soared above $125,000.
The rout has spread across the sector….
