The former president’s fortune dropped from an estimated $3.2 billion last fall to $2.5 billion today. The biggest reason? His social media business, once hyped to the moon, has come crashing down, erasing $550 million from his net worth—so far.

Trump’s diehard fans are not as excited by Truth Social as they once were. The Department of Justice, Securities and Exchange Commission and Financial Regulatory Agency are all examining the venture, looking at things such as trading activity and communications between the SPAC and Trump’s business. Meanwhile, the SPAC, which fired its chief executive last month, only has until September 8 to complete the merger. Further complicating matters, Elon Musk bought Twitter in October, and promptly reversed the ban on Trump and other rightwing figures. That undermined the case that the world needed a moreconservative version of Twitter. Today, shares of Trump’s SPAC are 92% off their highs, trading at $14 apiece, a level that suggests the former president’s business is worth $1.2 billion.

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