Shares of Trump Media & Technology Group – Donald Trump’s namesake social media company – tumbled Tuesday as the stock continued a long slide that began following the former president’s guilty verdict on all 34 felony counts in his criminal hush money trial.

Trump Media, which trades under the vanity ticker “DJT,” has tanked 39% since May 30 when a New York jury found Trump guilty of falsifying business records.

On Tuesday, Trump Media closed down 10% to $31.31. The sell-off came as Trump Media warned investors that it could not force its majority shareholder to favor Truth Social, the company’s flagship platform, including posting there first. 

Trump Media is proving to be a risky proposition for investors. Volatility has become the hallmark of the stock. It has swung wildly from a high of $79.38 a share at the close of March 26 to its lowest close of $22.84 on April 16. 

Its shrinking market cap of $5.5 billion rests almost entirely on the Trump brand and his loyal following, including small-time investors who’ve shown their support for him by propping up the stock. 

Trump joined TikTok in June, amassing millions of followers. A political action committee supporting Trump’s candidacy – the Make America Great Again Inc. – opened a TikTok account in May. 

“If TMTG disagrees with President Donald J. Trump about the scope of his obligation to use, or first post on, Truth Social, TMTG lacks any meaningful remedy with respect to such disagreement – which could have a material adverse effect on the business and/or operations of TMTG,” the company said in an amended registration statement.

Tuesday also marked the deadline for some of Truth Media’s investors to begin selling shares. In a filing with regulators in April, Trump Media said it intended to offer nearly 21.5 million shares of common stock “upon the exercise of warrants.” It must wait for clearance from regulators. Trump's lock-up period ends in late September, so he could begin selling some of his shares then.

The developments only add to the uncertainty that has surrounded the Trump Media stock since it began trading in March after the merger with shell company Digital World Acquisition Corp. 

In competing for ad dollars and eyeballs with big-name social media companies like Facebook, TikTok and YouTube, Trump Media is a distant laggard. It reported a first-quarter net loss of $327.6 million on less than $1 million in revenue.

Trump Media officials have blamed stock manipulation by “naked” short sellers for its woes. 

Short sellers don't actually own the shares, but borrow them and then sell them, betting the stock will fall so they can buy back the shares at a lower price and keep the difference. “Naked” short selling involves betting a stock will fall without borrowing or owning the shares. Such a practice can be illegal.