New York (CNN) — Shares of Trump Media & Technology Group continue to rapidly fall back to Earth.

The Truth Social owner dropped by another 8% on Monday, adding to a brutal week that wiped out a third of the stock’s value.

The selloff has shrunk former President Donald Trump’s stake in the controversial company to about $2.9 billion. That’s down sharply from a peak of $5.2 billion based on the closing high of $66.22 on March 27, the day after it went public.

Trump owns a dominant stake of 78.8 million shares in Trump Media, which launched in 2021. Its plan to go public by merging with a shell company was delayed for years by regulatory and legal scrutiny.

When Trump Media finally went public late last month, experts immediately warned that Wall Street was drastically overvaluing the company based on traditional fundamental metrics like revenue and users.

Last week, Trump Media disclosed losing $58 million last year on very light revenue of just $4.1 million. By comparison, Twitter (now known as X) generated more than 100 times as much revenue – $665 million — in 2013 ahead of its initial public offering in November of that year.

After its first day of trading, Trump Media was valued at as much as $11 billion. That’s almost twice the valuation that Reddit achieved after its IPO in March – even though Reddit generated roughly 200 times as much revenue.

Despite the recent losses, shares of Trump Media and the blank check company it merged with have more than doubled this year.

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