Three-Time Trump Voter Invested 20% of His Wealth in Trump Media, Now His Shares Are Down 88%

Trump Media investment losses have become personal for Ske Jarzenske, a Texas man who voted for Donald Trump three times. He put 20 per cent of his net worth into the company. His investment is now down 88.5 per cent, according to a Charles Schwab statement he showed Reuters. The 52-year-old Austin resident said he had expected a second Trump presidency to make him money.

Reuters reported the decline on Friday, 6 November, as Trump Media shares hit record lows. Its separate estimate put outside investors' combined mark-to-market losses above $2.2 billion (about £1.64 billion or €1.97 billion). That estimate is not a tally of cash losses realised by every shareholder. It measures the decline in value of specified share tranches against their issue prices.

Jarzenske allowed Reuters to inspect his brokerage statement but asked that the dollar value remain private. 'It's been very disappointing and difficult to watch,' he said. He told Reuters he still supported Trump, but questioned whether the president's family had done enough for ordinary investors.

Trump Media Losses Hit Investors Who Backed the President

Reuters interviewed more than a dozen shareholders. All but one, a Canadian resident, had voted for Trump three times. The group included a truck driver, a retired police officer and a flooring company worker.

Colorado nurse Patricia Spoerl, 64, said she was sitting on an estimated $28,000 loss, about £20,900 or €25,100. She bought shares at an average price of $45.32 (£35.35) and hoped they would help fund her retirement. Reuters did not report that she had sold her shares.

Some investors suspected naked short selling, in which traders sell shares short without first borrowing them. Reuters found no evidence of the practice in Trump Media stock. It also reported that short interest was below the level analysts considered average for similarly sized companies. The allegations remain suspicions, not established evidence of manipulation.

A paper loss reflects a decline in an asset's current market value. A realised loss occurs when an investor sells below the purchase price. That distinction matters when discussing shareholder losses because an unsold holding can rise or fall again.

Reuters compared the market value of shares with their issue prices across Trump Media, predecessor entities and insiders. Its $2.2 billion (£1.72 billion) estimate adjusted for buybacks and drew on company filings and court records. Three finance professors reviewed the method and said it was consistent with generally accepted mark-to-market accounting practices.

Trump Retains a $460 Million Stake as Trump Media Faces Scrutiny

Trump Media disputed Reuters' calculations, calling them 'dubious, biased'. It did not identify specific errors. The company said it had a strong balance sheet and was focused on shareholder value, including a proposed merger with nuclear fusion company TAE Technologies. It did not respond to Reuters' questions about Jarzenske's personal complaints.

At the 5 November closing price of $4.02 (£3.14), Trump's 114.75 million shares were worth about $460 million (£343.7 million). He received them without a cash payment in 2024 through Trump Media's merger with Digital World Acquisition. The stake had a paper value of more than $6 billion (£4.48 billion) when the stock traded near its high. The $460 million figure represents the estimated value of his stake, not cash received from a share sale.

The company's operating performance remains a concern. Reuters reported annual revenue of around $4 million (about £3 million or €3.6 million) for the past three years. Trump Media spent more than $200 million (about £149.4 million or €179.1 million) developing Truth Social's streaming service. It generated $630,000 (about £470,700 or €564,300) from its August 2024 launch through the end of June 2026, according to regulatory filings.

The company also adopted a cryptocurrency treasury strategy. Reuters said its Bitcoin purchase was announced near the market peak, before a steep price decline. Since the 3 November midterm elections, when Democrats won control of the House and Senate, Trump Media shares have fallen 32 per cent, Reuters reported.

Jarzenske's experience shows the risk of tying a large personal investment to one company's fortunes. Political loyalty may explain why an investor backs a business, but it cannot guarantee its commercial performance. His brokerage statement now records a very different outcome from the one he expected.