Donald Trump’s stake in the Trump Media and Technology Group, the parent company to Truth Social, plummeted about $260 million to $1.9 billion after the president announced his tariff plan Wednesday.

Trump’s shares in the company, the most valuable asset in his portfolio, declined 12% from the end of the day Wednesday to 10 a.m. Monday, matching the S&P 500’s decline over the same period.

Investors in Trump’s company initially shrugged off news of the tariffs, with shares declining just 1.9% on Thursday, compared to 4.8% for the S&P 500. But the selloff in Trump’s company, which has long traded with more volatility than the overall market, accelerated Friday, with shares falling 7.2%, compared to 6% for the S&P 500. That trend continued Monday morning, as stock in Trump’s business declined 3.7% while the S&P 500 dipped 2.1%.

Even after the tumble, Trump’s business retains a super-high valuation relative to its underlying financials. The Trump Media and Technology Group, which the markets currently values at $3.8 billion, generated just $3.6 million of revenue in 2024, down 12% from the previous year. The company also lost $401 million on a net basis last year. At year end, its balance sheet included $784 million of current assets and $17 million of current liabilities.

Despite the troubles, Donald Trump remains well ahead, since he invested no money in the business at the outset, according to someone involved in the deal. He teamed up with two former Apprentice contestants, who worked to find cash from others to prop up the venture. They raised money from a handful of investors, including billionaire Kenny Troutt, and hunted for a special-purpose acquisition company interested in merging with Trump’s business to take it public. According to documentation obtained by Forbes, Trump met with Howard Lutnick, his now commerce secretary, about a potential deal, but ultimately settled on working with Patrick Orlando, a lesser-known financier.

The transaction ran into plenty of trouble. Orlando’s company forced him out, and the Securities and Exchange Commission accused him of fraud. As the SEC and others investigated the merger, the deal to take Trump’s business remained frozen. In February of 2024, the SEC finally gave its approval, allowing Trump to bring his business to the public markets.

The result: mom-and-pop investors could become business partners with Trump. Plenty leapt at the opportunity, sending shares to levels divorced from the fundamentals of the business. They’ve trended downward over time but never fell enough to make the valuation add up.

The stock hit a low in September, around the time that Trump’s lock-up provisions expired. The billionaire vowed to hang onto his stake, and shares recovered. They soared to a peak of $55 in the days before the election, implying that Trump’s 115 million shares were worth $6.3 billion. That figure dropped to $3.9 billion stake by year end.

Another run-up happened before the inauguration, boosting Trump’s stake to $4.6 billion when he took office. But the shares steadily declined as the novelty of his comeback wore off, then tumbled after Trump unveiled his tariff plans.