Former President Donald Trump established the platform in February, over a year after being suspended from Facebook and Twitter following the Jan 6 riots. Trump is an active user, leading conservatives to download the app for a censorship-free social media experience.
In March, Digital World Acquisition's stock prices gained a high at $97.54 a share, but since fell to $27.52 per share as of Friday, equal to a 72% loss.
The company predicted possible losses in previous U.S. Securities and Exchange Commission filings. It expected its success would be closely linked to its founder, Trump's approval ratings.
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"While [Trump Media and Technology Group] believes there is sufficient demand for a true free speech platform, the image, reputation, popularity, and talent of its Chairman, President Trump, will be important factors to its success," one filing stated. "To be successful, TMTG will need millions of those people to register and regularly use TMTG's platform.
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"If President Trump becomes less popular or there are further controversies that damage his credibility or the desire of people to use a platform associated with him, and from which he will derive financial benefit, TMTG's results of operations, as well as the outcome of the proposed Business combination, could be adversely affected."
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Digital World Acquisition has not publicly commented on its losses.
"Time for some Truth!!!!" Donald Trump Jr. tweeted on Feb. 15, with a post that seemed to be promoting his father's first post on the social media app.
"Get ready! Your favorite President will see you soon!" the former President said in his first post on the app.
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On Feb. 4, the release of the social media network was pushed back as the technology company was still conducting beta testing, with the app said to be released by the end of March.
Part of the initial delay might have come from the fact that the company cannot rely on help from "Big Tech companies," CEO of Trump Media and Technology Group Devin Nunes said during an interview on Newsmax.
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"We've seen what has happened to other small startup companies," Nunes said. "And when Amazon decides they don't like them, they cut them off."
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After promoting the social media network as an alternative to Big Tech companies such as Facebook and Twitter, TMTG raised more than $1 billion in investments during December.
Trump published a statement on Feb. 4 advertising TRUTH Social and welcoming truckers who refer to themselves as the "Freedom Convoy" to join his social media platform. This came after Facebook shut down a group of truckers who were planning to hold a protest in Washington, D.C., over vaccine mandates.
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