Donald Trump’s political fortunes aren’t the only thing spiraling downwards since Kamala Harris announced her candidacy for the 2024 presidential race. His financial standing has also suffered a dramatic $900 million decrease. The sharp drop is attributed to the declining value of Trump’s stake in Trump Media and Technology Group (TMTG), the parent company of his social media platform, Truth Social.

Since July 21, the value of TMTG’s stock has fallen by 23 percent, from $4 billion to approximately $3.1 billion, CNN reports.

TMTG’s stock has frequently mirrored Trump’s political fortunes, experiencing declines during legal troubles and surges following major political victories or crises, such as the recent assassination attempt against him.

The latest decline adds to a troubling period for TMTG, as Truth Social has faced its worst audience metrics to date. Recent data reveals that the platform attracted just over 2.11 million unique visitors in June, marking a 38 percent drop compared to the previous year. This figure is a significant decline from the 3.2 million visitors the site saw at its launch in February 2022, and represents the second-lowest traffic level since June 2022.

Howard Polskin of media monitoring firm TheRighting, which compiled the data using Comscore metrics, noted that the decreased audience reflects a potential backlash against the inflammatory rhetoric often associated with Trump and his allies. “If this trend continues, it could spell trouble for Mr. Trump’s electoral prospects in November,” Polskin warned.

Despite these challenges, TMTG remains committed to expanding Truth Social. Earlier this month, the company announced a major acquisition aimed at integrating TV streaming technology into the platform. The deal involves JedTech LLC, a Louisiana-based firm controlled by James E. Davison, a prominent Republican donor whose business interests are affected by federal policies, according to ProPublica.

Some experts have warned the company is drastically overvalued because it makes very little revenue and Truth Social remains a tiny player in social media.