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 Media has lost about three-quarters (74%) of its value since peaking at $66.22 on March 27.

The selloff has erased significant amounts of wealth for investors — including Trump.

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 billion, a sharp drop that has knocked Trump off the Bloomberg Billionaires Index of the world’s 500 richest people.

The wipeout reinforces concerns raised by experts who have repeatedly warned that Trump Media’s multi-billion-dollar price tag defies logic. The company is losing money, generating very little revenue and Truth Social remains a relatively tiny player in social media.

“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.

In April, billionaire Barry Diller told CNBC that people who buy Trump Media stock are “dopes.” In June, LinkedIn co-founder Reid Hoffman told CNN that Trump Media is valued “absurdly out of the realm of normal.” Both Diller and Hoffman are Democratic megadonors.

Beyond the Trump Media’s weak fundamentals, analysts have said there are likely other factors behind the company’s shrinking share price.

Tuttle argues the fact that Vice President Kamala Harris is neck-and-neck with Trump in some polls is a major catalyst.

Indeed, Trump Media has lost about half of its market value since President Joe Biden dropped out and endorsed Harris on July 21.

“This stock is entirely a Trump-gets-elected play,” Tuttle said. “If Trump wins, this could be a viable company. But if he loses, I don’t know how this is a going concern.”

Trump Media did not respond to CNN’s request for comment.

Of course, Trump Media is still sitting on more than $300 million in cash and equivalents — financial firepower it could use to make acquisitions and fund its operations.

And although Trump Media brought in just $837,000 in revenue last quarter, it is building a streaming business that caters to conservatives. In August, Trump Media launched Truth+, a TV streaming platform on iOS, Android and the Web versions of Truth Social.

Another cloud hovering over Trump Media is the looming expiration of the lock-up period that prevented Trump and other insiders from selling shares.

Those restrictions are set to go away as soon as September 20, according to filings. That will free up insiders to sell shares if they wish to.

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.

It’s possible Trump Media’s stock market fortunes could turn, especially with the former president’s high-profile debate Tuesday with Harris.

Still, Tuttle cautioned retail investors, even Trump fans, to tread lightly with this stock and pay attention to the fundamentals.

“I am a huge believer that you must keep politics and profits separate,” he said. “If you’re holding onto this for dear life because you’re a Trump fan, that’s just stupid. You invest to make money.”