Palm Beach, Florida - Donald Trump is no longer one of the richest men in the world as his Truth Social platform struggles to recover from a severe market slump.

According to CNN, shares of Trump Media & Technology Group, the platform's parent company, have officially reached their lowest value point since it went public earlier this year under the ticker DJT.

Trump's stake of 114.75 million shares is now valued at only $2 billion, a significant drop from May when it was valued at $6.2 billion.

The massive loss has caused Trump to lose his longstanding spot on the Bloomberg Billionaires Index of the world's 500 richest people.

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Initially, Trump supporters jumped on investing in the stock, as they were under the impression their money would go towards helping the Republican presidential candidate fight for re-election.

But financial analysts deemed it a "meme stock" and warned it was vastly overvalued.

Trump media has since been on a steady decline, though the former president has been reportedly hoping to cash out on his stock to help with his mounting financial obligations.

Nonetheless, on Monday morning, Trump shared in a post on the platform, stating, "TRUTH SOCIAL IS GREAT. THE REAL VOICE OF AMERICA!"