Trump-linked assets slide after Democrats’ midterm gains

The value of several investments tied to Donald Trump and his family fell sharply as midterm results delivered major gains to Democrats. The declines began as election returns came in on November 3 and continued into November 4, when Democrats won the Senate and were on track to control the House, according to the reports’ account of the results.

Trump Media & Technology Group, which owns the Truth Social platform, closed Tuesday at $5.95 a share. It fell in after-hours trading and was below $4.60 on Wednesday afternoon, an all-time low. Trump has reported owning 114 million shares, and holds more than 40% of the company through a trust. The stock has fallen from a peak of $101.

The $TRUMP meme coin dropped from about $1.58 at 7:10 p.m. Tuesday to a low of $1.23 by Wednesday afternoon, a fall of more than 20% before a slight recovery. World Liberty Financial’s WLFI token also slid: it was about 5.1 cents at 7:10 p.m. Tuesday and around 4.7 cents by Wednesday afternoon. The token’s price had already been declining in late October.

Trump and his family have made substantial sums from crypto. Trump’s financial disclosures showed more than $500 million in profit from crypto sales last year, and Forbes estimated in September that his wealth had grown by $2.7 billion since his 2024 election victory. The family’s World Liberty Financial venture is co-owned with the family of Steven Witkoff, whom Trump appointed to diplomatic negotiations.

The prospect of Democratic-led congressional investigations may have weighed on investor confidence. Senator Adam Schiff and colleagues had sought records about a planned dinner for leading $TRUMP coin holders, while Representative Robert Garcia, the top Democrat on the House Oversight Committee, wrote Tuesday night: “Lawyer up.” Georgetown professor Jim Angel said the prices reflected perceptions of Trump’s popularity.

Trump’s crypto empire faces scrutiny as Democrats take power

The midterm results delivered a political rebuke to Donald Trump—and investors rapidly marked down assets tied to his name. Trump Media shares hit a record low below $4.60 on Wednesday, while the $TRUMP coin fell more than 20% from its Tuesday evening price and World Liberty Financial’s WLFI token also slid.

The timing underscores how closely these ventures are tied to Trump’s political standing. He has reported owning 114 million Trump Media shares and 15 billion WLFI tokens. His financial disclosures showed more than $500 million in profit from crypto sales last year, while Forbes estimated his wealth had grown by $2.7 billion since his 2024 election victory.

Democrats’ congressional gains also raise the prospect of scrutiny of the family’s business dealings. Senator Adam Schiff and colleagues had already sought records about a planned dinner for top holders of the $TRUMP coin. The coin’s issuer has promoted the event as a chance to meet Trump and other prominent figures. Representative Robert Garcia, the top Democrat on the House Oversight Committee, responded to the election results with two words: “Lawyer up.”

Investors may be reassessing whether political access and influence can sustain the value of Trump-branded assets. The selloff shows the risks of a business model so closely linked to one politician’s popularity—and the importance of congressional oversight when public office and private financial interests overlap.

Democratic midterm gains rattle Trump-linked investments

Democrats’ midterm gains sent shock waves through markets for Trump-linked assets, with Trump Media falling to a record low and associated crypto tokens dropping sharply. The declines began as election returns came in on November 3 and continued the next day, reflecting how closely these assets are tied to perceptions of Donald Trump’s political standing.

Trump Media shares fell below $4.60 on Wednesday, after closing Tuesday at $5.95. The $TRUMP coin slid from about $1.58 on Tuesday evening to a low of $1.23, while World Liberty Financial’s WLFI token was trading around 4.7 cents by Wednesday afternoon. WLFI had already been under pressure in late October, and crypto markets had also been unsettled by a Binance hack.

Trump’s financial disclosures showed more than $500 million in profit from crypto sales last year. He has reported owning 114 million shares of Trump Media and 15 billion WLFI tokens. Georgetown professor Jim Angel said investors were betting on Trump’s popularity, and that the assets were now at record lows as his popularity reached a low point.

Democratic lawmakers’ calls for scrutiny may add to market uncertainty. Senator Adam Schiff and colleagues had sought records about a planned dinner for leading $TRUMP coin holders, and Representative Robert Garcia, the top Democrat on the House Oversight Committee, posted: “Lawyer up.” The declines reflect the vulnerability of politically branded investments when election results change the balance of power.