Vadim Fistikan started working at 17 and built the kind of savings that usually takes years of overtime, delayed purchases and adult restraint: more than $100,000 by the time he hit his late twenties. In 2021, the Washington State truck driver eyed a house near family in Florida, with a pool and a waterway that led to a river, and then the ocean. “We were thinking about pulling the trigger,” he says. “Then I saw this whole Trump thing going on.”

This Trump thing was the Trump Media and Technology Group, the company behind Truth Social. In October 2021, the president unveiled the business, promising a censorship-free platform and giving supporters a chance to invest via a special purpose acquisition company. Shares of the SPAC jumped 1,650% in two days, then fell about 30% by the start of the third. To Fistikan, that looked less like a warning than a discount. “I’m like, ‘I’m getting in,’” says the three-time Trump voter who added to his bet until it hit $205,000.

That investment is now worth $30,000.

Fistikan logged onto Truth Social last fall to voice his frustrations. “I’m like, ‘Hey, this is a scam,’” he says. “And a lot of people were like, ‘No, you’re just a Trump hater.’ I’m like, ‘No. I was on board since day one. … I’m now broke.”

He’s not alone. Katherine Chiles, the SPAC’s former chief financial officer, now uses her Truth Social account to promote a song accusing the president of selling out his supporters—“Donald Trump is a b----.” Chad Nedohin, a worship leader who once moonlighted as the unofficial captain of Trump Media’s retail shareholders, now describes the company as a vehicle for enriching the president and his inner circle. “We’re just poor cattle to them,” Nedohin says. “He doesn’t care about anyone.”

Throughout the president’s life, his most remarkable creations—whether casinos in Atlantic City, public offerings on the New York Stock Exchange or political movements across America—all relied on one thing: believers. In 2021, Trump left the White House with an abundance of them—and quickly got to work monetizing. To do so, he followed a process with three distinct stages. First, the invention: come up with a business concept, invest almost nothing, take a big chunk of equity. Second, the sale: stir up a frenzy among the faithful, cash out what you can. Third, the mess: watch the assets collapse, salvage the scraps. From 2021 to 2025, five Trump-family ventures reached public investors: Trump Media, World Liberty Financial, Trump’s memecoin, Melania Trump’s memecoin and American Bitcoin.

“We’re just poor cattle to them. He doesn’t care about anyone.”

“We’re just poor cattle to them. He doesn’t care about anyone.”

Now, they are all hitting the messy stage. Trump Media shares are down 89% from their peak. World Liberty tokens have fallen 82%. The president’s memecoin is off 98%. Melania’s version has dropped 99%. Shares of American Bitcoin are down 95%. The Trumps, after cashing out $1.9 billion, are still up $3.1 billion overall, according to Forbes calculations. Their supporters are down an estimated $7 billion.

Representatives of the Trump Organization did not respond to requests for comment. Nor did spokespeople for Trump Media, which sued Forbes and other publications over allegedly inaccurate reporting about losses during the company’s first year of operation. The White House ignored questions about the president’s moneymaking ventures, issuing a statement on his policies instead. “President Trump cares deeply about the patriotic Americans who elected him to office and fights for them daily,” said deputy press secretary Anna Kelly.

The human cost of all this lies in accounts like Fistikan’s. He didn’t just buy a stock. He bought a........

© Forbes