Shares of former President Donald Trump’s social media company on Monday touched their lowest price since they began public trading on the Nasdaq nearly five months ago after a merger.

Trump Media, the company that owns the Republican presidential nominee’s preferred social messaging platform Truth Social, closed down more than 3.5% to settle at $22.24 a share.

The previous low point for the stock, which trades under the DJT ticker, was in mid-April when the price plummeted to $22.55 following the company’s slingshot rise in its frenzied public trading debut.

The notoriously volatile stock’s downward trajectory over the past month coincided with a swirl of seismic developments for Trump, who is both the majority stakeholder of Trump Media and a main draw for Truth Social users.

The share price surged on July 15, the first trading day after Trump was nearly assassinated at a campaign rally in western Pennsylvania.

Trump was formally nominated at the Republican National Convention two days later, bolstering the momentum he had already built up against President Joe Biden, who at the time was the presumptive Democratic nominee.

But Trump’s growing lead suddenly shrunk when Biden dropped out of the election contest on July 21 and endorsed Vice President Kamala Harris as his replacement to lead their party’s ticket.

The historic switch flipped betting markets’ views on who will win in November. Harris is now favored over Trump.

Trump Media has said in regulatory filings that its success is at least partly tied to Trump’s popularity and reputation.

Some Trump supporters seem to treat the company’s stock as a way to support the former president or bet on his chances of winning a second term.

On Aug. 9, Trump Media reported a loss of over $16 million for the fiscal quarter ending June 30, while posting just $837,000 in revenue in the same period.

The company attributed about half of its loss to ongoing legal expenses related to its merger with the special purpose acquisition company Digital World Acquisition Corp., which was delayed for more than two years after it was announced.

Despite its meager revenue, the company currently has a market capitalization of nearly $4.5 billion due to its stock price.

Trump is bound by a licensing agreement that requires him to make “non-political” social media posts on Truth Social first.

But he is free to post political messages on any site without restriction — and he has recently exercised that ability by posting on X and TikTok, two social media giants whose audiences dwarf Truth Social’s.

Trump on Aug. 12 was interviewed by Tesla CEO Elon Musk in a livestream on the social media app X, which Musk owns.

Trump has periodically posted on X, formerly known as Twitter, since the interview.