What once seemed to be “Euphoria before the election” has transformed Bleeding before the election for the media company behind Republican presidential candidate Donald Trump’s right-wing social media platform Truth Social.

Shares of Trump Media & Technology Group plunged nearly 15% at the market open on Thursday. Due to volatility, trading was halted twice within the first hour of the day.

Over the past two days, Trump Media has lost billions in market value after a week-long rally. Shares closed down 22% on Wednesday, ending the day at $40.03 – their worst day since debuting on the Nasdaq in late March.

The company had a market cap of $6.90 billion as of Thursday morning. The company’s shares are still up 116% this month, holding on to gains from the intense rally of recent weeks.

While it’s not immediately clear what’s triggering the selloff, much of the trading in DJT stock has to do with its ties to the former president — making him Vice President of Research at Morningstar (MORNING-0.68%) John Rekenthaler calls an “affinity stock” where trading is based on sentiment rather than actual business performance.

In recent weeks, the stock has become something of an indicator of his election chances.

With the US presidential election less than a week away, Trump Media stock has become a way for Trump fans to buy into the former president and express their financial support for him.

Trump, who owns 57% of the company’s shares, has stated this has no plans To get rid of his sharesdespite the end of a six-month share lock-up agreement last month. That bodes well for the company – and its shares.

Trump Media itself has stated in regulatory filings that its “success depends in part on the popularity of its brand and the reputation and popularity” of Trump and that “adverse reactions to advertising may occur in connection with (Trump’s) or loss of its services.” “could have a negative impact on TMTG’s sales and operating results.”

However, Rekenthaler has warned that Trump Media shares will “go to zero” if the Republican candidate loses the White House again this election cycle. However, if Trump wins, Rekenthaler believes the stock “could do anything.”