Trump Media’s investors lost $2.2 billion while president holds $460 million stake

By the time Ske Jarzenske cast a third straight ballot for Donald Trump, he had something extra riding on the outcome: his brokerage account.

The 52-year-old resident of Austin, Texas, had poured 20% of his net worth into Trump Media & Technology Group, convinced that a second Trump presidency would make him money.

Now, Jarzenske’s investment is down 88.5%, according to a Charles Schwab statement ​he showed Reuters on the condition that the dollar amount not be published.

He’s one of the buyers who, along with the rest of the firm’s outside investors, have collectively absorbed more than $2.2 billion in losses, according to a Reuters estimate. “It’s been very disappointing and ‌difficult to watch,” said Jarzenske.

Trump Media shares collapsed as the company’s social media business burned through cash while struggling to attract new clients — and its investments in cryptocurrencies fell sharply in value. Even hardcore boosters of the stock told Reuters they are losing hope as shares hit record lows.

The Reuters estimate of investor losses is based on the performance of shares sold into the market by Trump Media, its predecessor entities, including Digital World Acquisition Corp. and Trump Media & Technology Group, as well as…

Original source: https://www.nbcnews.com/business