Trump Media shares plummet 10 percent — market value drops below $5 billion

Shares for Trump Media have dropped by more than 10 percent this Wednesday, leaving the company with a valuation less than $5 billion, reports show.

Share prices dropped to $33.58 from the previous $70.90 that the stock opened with on the first day it went public last month.

As NBC News points out, Donald Trump is the biggest shareholder in the company, holding a nearly 60 percent stake. His shares are now worth less than $2.8 billion, a sharp drop from the more than $5 billion it was previously valued.

In the wake of Trump Media's stumbling share price, Trump was taken off the Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people.

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According to reports, Trump Media shares dropped 12 percent on Friday and 8 percent on Monday.

After a slight boost on Tuesday, shares dropped again on Wednesday, with stock was trading down 5 percent at $35.59 at 12 p.m. EDT. Overall, they've dropped more than 50 percent since late March.

Wednesday was the stock's lowest trading day since the company went public. USA Today reports that Trump cannot offload his shares until September without first getting approval from the Trump Media board.

"Forbes listed Trump’s net worth at $4.7 billion as of Wednesday morning, making him the 666th-richest person in the world. The lowest net worth included in the Bloomberg Billionaires Index ‒ which measures personal wealth based on changes in the market, the economy and Bloomberg reporting ‒ as of Tuesday was $5.81 billion," USA Today's report stated.

Experts say Trump Media is overvalued due to investments made by Trump supporters. Just before he company went public, an auditing firm warned that its operating losses “raise substantial doubt about its ability to continue as a going concern.”