Mr Trump’s victory in the January Republican primary had helped to stoke interest in the Trump Media at the start of the year.
Buyers snapped up shares of Digital World Acquisition Corp., a publicly-traded shell company, which was created to buy Trump Media and was seen on Wall Street as a proxy for the firm.
Demand jumped farther around the time the merger was formally completed in March.
The price has swung wildly in the months since.
Its most recent high came in July, after Trump survived an assassination attempt and before President Joe Biden bowed out of the race, but the price has slid lower in recent weeks.
The falls come as the company approaches the date at which Trump and other early investors will be free to start selling their shares.
Mr Trump’s stake is currently worth about $2bn, down from more than $6bn a few months ago.
Analysts had warned investors to expect big swings in value, describing it as a “meme stock”, propelled by sentiment rather than its financial characteristics.
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