Faith is a remarkable asset. A year ago, Donald Trump’s followers had so much of it that the president could spin billions out of thin air.

First came Trump Media, which investors valued it at $5 billion even as net losses neared $700 million. Then came World Liberty Financial, which sold more than $1 billion of tokens in 2025 on vague promises to “democratize finance.” Finally, there was the memecoin, which explicitly warned buyers that it was not intended to be an investment but nonetheless generated enough hype to leave Trump with a pile of tokens conservatively worth $710 million.

The bonanza pushed the president’s fortune to $7.3 billion by September 2025, the highest figure to ever appear next to Trump’s name since he joined the inaugural Forbes 400 list 44 years ago.

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Then the faithful began to have doubts. Canadian worship leader Chad Nedohin, for example, loved the idea of a cancel-free alternative to Twitter—so much so that he became something of an unofficial captain of Trump Media’s retail........

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