The Daily Money: DJT stock hits new low

Good morning! It’s Daniel de Visé with your Daily Money.

As a trading concern, Donald Trump’s social media company has become a way for investors to bet on the former president’s odds of retaking the White House.

Since going public in March, shares of Trump Media & Technology Group have fluctuated wildly alongside its namesake’s political fortunes, Jessica Guynn reports. 

Following Vice President Kamala Harris’ ascension to the top of the Democratic ticket, Trump has slipped in the polls and so, too, have shares of Trump Media.

What happens if Trump sells his own shares?

Did former Peloton CEO lose his money?

Peloton co-founder John Foley has revealed that he nearly lost all his money after leaving the exercise equipment company in 2022.

In an interview with the New York Post, the former CEO opened up about how his stint as a billionaire was short-lived, as his wealth was mainly tied to the company, Anthony Robledo reports.

"You know, at one point I had a lot of money on paper. Not actually [in the bank], unfortunately. I’ve lost all my money. I’ve had to sell almost everything in my life," the 52-year-old told the outlet.

Here are the numbers.

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If you want to retire in comfort, investment firms and news headlines tell us, you may need $1 million in the bank.

Or maybe not. One prominent economist says you can retire for a lot less.

“You Don’t Need to Be a Millionaire to Retire,” says the headline of a column by Andrew Biggs, a senior fellow at the American Enterprise Institute think tank, that was published in April in The Wall Street Journal.

Most Americans retire with nowhere near $1 million in savings. The notion that we need that much money to fund a secure retirement arises from opinion polls, personal finance columns and two or three rules of thumb that suffuse the financial planning business.

How much savings, then, do you really need?

About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.