Since going public in March, Truth Media’s inflated valuation led to the stock’s value plunging shortly after an initial rise. The first quarter filing comes just one month after the company’s stock plummeted for a second time after the company announced it was considering adding more than 15 percent more stock to the publicly available shares, devaluing current stockholders’ shares.

The stock ended the trading day only five percent down after the quarterly report was released, NBC reports. However, this seems to go along with what experts have characterized as Trump Media’s “meme stock trajectory.”

Meme stocks show dramatic gains and losses due to their stock value being directly connected to internet popularity on various social media platforms. The inherent issue with these stocks is that they are usually untethered from any material evaluation of the company being traded.

This frequently leads to pump-and-dump activity on stocks like Trump Media, with buyers inflating the value over short periods of time by creating social media buzz and then quickly dumping the stock for a profit.

When Truth Social first launched in early 2022, the site quickly went down with technical issues, potential copyright issues, and executives jumping ship. Even though the net losses this year amount to almost one-third of a billion dollars, the company “believes it has sufficient working capital to fund operations for the foreseeable future.”

Or until Trump dumps his shares for some quick cash.