# Trump Media Outside Investors Face More Than $2.2 Billion in Paper Losses By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/51946 Published: 2026-11-09T00:33:40.000Z Updated: 2026-11-09T00:33:40.000Z Section: Investing > President Donald Trump received 114.75 million shares in the 2024 merger without a cash payment. They were worth about $460 million at the Nov. 5 close. Outside investors in Trump Media & Technology Group face estimated combined paper losses of more than $2.2 billion. The calculation compares issuance prices with market prices for shares sold into the market by the company, its predecessor and insiders, while accounting for company share repurchases. Trump Media, whose stock trades as DJT, operates Truth Social. Its predecessor was Digital World Acquisition, the special purpose acquisition company that merged with Trump Media in 2024. Trump Media raised $2.7 billion through dozens of stock transactions since 2021. The estimate measures unrealized losses; it does not mean every investor sold at a loss. Trump received 114.75 million shares in the merger without a cash payment. At the Nov. 5 close of $4.02, his stake was worth about $460 million. When the stock was near its high, the holding was valued at more than $6 billion. The close followed an [earlier steep decline in Trump Media shares](). Some outside investors described large drops in their own holdings. Ske Jarzenske, a 52-year-old Austin investor, said the position represented 20% of his net assets; a brokerage statement he shared showed an 88.5% decline, with the investment amount undisclosed. Patricia Spoerl, a 64-year-old Colorado nurse, said her average purchase price was $45.32 and her paper loss was about $28,000. Hugh Baron, a 63-year-old California retiree, said he bought more than 1,000 shares, including some at $53.54, and that his holdings had fallen 88.5%. Trump Media criticized the calculation, saying it distorted facts, market dynamics and the company’s public filings, but did not identify specific errors. Chief Legal Officer Scott Glabe wrote that millions of shares change hands each day, making it impossible to determine whether individual sellers made or lost money. ## Links in this article - [earlier steep decline in Trump Media shares](https://www.tokenpost.com/news/investing/35775)