Donald Trump’s media business continued its rocky start as a public company, with shares in Trump Media & Technology Group closing at a new low since listing on the Nasdaq exchange late last month.

The stock — which trades under the ticker symbol “DJT,” the former president’s initials — on Friday fell $5.56, or 12%, to close at $40.59 — the company’s lowest level since its March 26 debut. For the week, Trump Media shares slid more than 32%. The company, which operates Trump’s Truth Social platform, has lost roughly $4 billion in market value over that stretch. 

Although Trump Media shares initially soared to a high of $79.38 on March 26, Wall Street analysts have questioned the company’s financial prospects, saying it is overvalued and comparing it to “meme” stocks like GameStop. 

“We are excited to be operating as a public company and to have secured access to capital markets,” a Trump Media spokesperson said in an email. 

“Closing out the 2023 financials related to the merger, Truth Social today has no debt and over $200 million in the bank, opening numerous possibilities for expanding and enhancing our platform,” the spokesperson said. “We intend to take full advantage of these opportunities to make Truth Social the quintessential free-speech platform for the American people.”

For 2023, Trump Media posted a loss of $58 million on revenue of $4.1 million. In a regulatory filing, the company also disclosed that its auditor had raised concerns about its ability to continue operating. That warning reflects the company’s current financial position, meaning it could grow and record profits in future quarters. 

Despite Trump Media’s challenges, its stock has soared since it traded under its previous name, Digital World Acquisition Corp., a shell company Trump Media merged with earlier this year. Trump Media CEO Devin Nunes this week expressed confidence in the company’s stability and growth potential, noting it “has no debt and over $200 million in the bank.”

Donald Trump owns 57% of Trump Media shares, valuing his stake at $3.3 billion.