Former President Donald Trump's social media company is in a deep slump that keeps getting worse, wiping out a huge chunk of his net worth.
Shares of Trump Media & Technology Group (DJT) dropped last week to their lowest level since the merger that brought the owner of Truth Social public this spring
Trump's dominant stake of 114.75 million shares was valued at $6.2 billion on May 9. It's now down to about $2.1 billion, a sharp drop that has knocked Trump off the Bloomberg Billionaires Index of the world's 500 richest people.
If this wasn't Trump, this thing would be trading at $1," Matthew Tuttle, CEO of Tuttle Capital Management, told CNN in a phone interview.
However, experts have said it would be very difficult for Trump, the company's majority shareholder, to sell all or even most of his shares without crashing the stock.