Good morning! This is Daniel de Visé bringing you The Daily Money.

Donald Trump’s social media enterprise has become a trading opportunity, allowing investors to speculate on his chances of returning to the presidency.

Since its public debut in March, the stock price of Trump Media & Technology Group has seen significant ups and downs reflecting Trump’s political standing, as reported by Jessica Guynn.

After Vice President Kamala Harris took the lead on the Democratic ticket, Trump’s poll ratings have declined, resulting in a drop in Trump Media shares as well.

What impact will it have if Trump decides to sell off his own shares?

Did former Peloton CEO lose his fortune?

John Foley, co-founder of Peloton, has announced that he came close to losing nearly all his wealth after leaving the fitness company in 2022.

In a discussion with the New York Post, Foley discussed how his brief experience as a billionaire was largely based on inflated valuations tied to the company’s stock, as per Anthony Robledo’s report.

“At one point, I had substantial assets on paper. Unfortunately, they didn’t translate into actual cash. I’ve lost everything and had to sell almost everything I owned,” he shared with the publication.

📰 A must-read 📰

Here’s a noteworthy article from earlier this year that you might have overlooked. Give it a read and share!

For a comfortable retirement, investment firms and media suggest you need to have $1 million saved up.

However, one renowned economist contends that this isn’t necessary.

“You Don’t Need to Be a Millionaire to Retire” is the title of a piece by Andrew Biggs, a senior fellow at the American Enterprise Institute, published back in April in The Wall Street Journal.

Most retirees do not have nearly $1 million saved. The belief that such a large sum is necessary for a secure retirement stems from surveys, personal finance articles, and a few prevalent guidelines within the financial planning community.

So, how much money do you truly need for retirement?