Just hours after his prime-time presidential debate with Kamala Harris, Donald Trump’s small social media empire plummeted to a new low on the stock market.

Shares of Trump Media & Technology Group, owner of the former president’s Truth Social platform, fell 17 percent by Wednesday morning.

While TMTG is still valued at around $3 billion on the stock market after an extraordinary rally earlier this year, the company has suffered a steep decline in recent months – down more than 75 percent since its March peak.

Trump owns the majority of shares in the company, but has not been able to sell his shares so far. That is now set to change.

The first day the former president can start selling stocks if he so wishes is September 19. He owns nearly 115 million shares of the company, according to a recent filing with the Securities and Exchange Commission.

TMTG operates the social media platform Truth Social, which Trump founded after his banishment from Twitter (now X) and Facebook following the Capitol riots on Jan. 6. The Sarasota, Florida-based company is loss-making and struggling to increase its revenue. It lost nearly $58.2 million last year and generated just $4.1 million in revenue, according to regulatory filings.

TMTG has not disclosed the size of its user base, but research firm Similarweb estimated that it had 7.7 million visits in March – while X, formerly Twitter, had 6.1 billion. However, that same month TMTG was valued at nearly $10 billion on the stock market.

TMTG shares are referred to by some market experts as “meme stocks,” a nickname given to stocks that generate buzz on the internet and soar far beyond the value indicated by conventional analysis.

The share price has fluctuated in recent months, with trading largely driven by individual investors who are generally considered less experienced than day traders.

The Associated Press contributed to the reporting