Trump Media shares have been slipping in recent days. So has Donald Trump’s net worth.

The former president is no longer listed on the Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people, after the stock price for Trump Media – the parent company behind the former president’s social media company Truth Social – took a nosedive.

The price has skidded. Shares dipped 12% on Friday and 8% on Monday. And after making up some lost ground on Tuesday, Trump Media nosedived again on Wednesday, ending the day down 8.6% at $34.26. Shares have slid more than 50% since their peak in late March.

Wednesday has been the stock's lowest-trading day since Trump Media merged with the public shell company Digital World Acquisition Corp. and started trading under the ticker DJT on March 26.

The price dip over the past two weeks has wiped out billions of dollars from the company's market value, from nearly $8 billion after its stock market debut to less than $5 billion as of Wednesday.

How much is Donald Trump worth?

Trump Media’s stock has been volatile since its launch, which means the former president’s net worth has also seen some major swings in recent weeks.

Trump – who owns roughly 60% of Trump Media with 78.75 million shares  – saw his stake worth as much as $6 billion after the company went public, earning him a spot on the Bloomberg Billionaires Index.

DJT stock hits turbulence: More volatility ahead for Trump's high-flying Truth Social

As of Wednesday, the value of his stake was less than $3 billion – at least on paper. Trump cannot offload his shares until September without approval from the Trump Media board.

Forbes listed Trump’s net worth at $4.6 billion as of Wednesday afternoon, making him the 696th-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.

How much is Trump Media worth?

Though Trump Media’s market value has dipped in recent days, it still holds a high price tag for a company that lost more than $58 million with a revenue of $4 million in 2023.

Experts have said the company is overvalued compared with other social media platforms, thanks in part to investments by Trump supporters. Shortly before the company went public, an auditing firm warned that Trump Media’s operating losses “raise substantial doubt about its ability to continue as a going concern.”

Trump defended the company on Truth Social last week, writing that he believes the company is “very solid” and "growing fast."

"If it didn’t work, or properly get the word out, I wouldn’t use it - But it does work, and work really well - And the fun is just getting started!!!" one post reads in part.

This article originally appeared on USA TODAY: Trump no longer on Bloomberg Billionaires Index after Trump Media dip