Stocktake recently warned that shares of Trump Media & Technology Group could rise if Donald Trump won the presidential election, but any gains would likely be short-lived.

That was an understatement. Shares of Truth Social soared 35 percent Wednesday morning, before falling quickly. On Thursday, the stock was below pre-election levels.

Further falls are surely a question of when, not if. Even after the sale, Truth Social was valued at nearly $6 billion (€5.6 billion) – quite a valuation, given that the company admitted on Election Day that its revenue had fallen in the third quarter , at just $1 million.

Between March and September, the stock fell from $79 to less than $12.

Stocks then took off as traders bought in anticipation of a Trump victory, but there is no obvious catalyst for the stock’s future.

The company might be trying to grow its business, but breaking into the crowded social media space isn’t easy, especially when Trump supporters are already catered to by Elon Musk’s X.

The fundamentals cannot be ignored indefinitely. Truth Social’s recent momentum may prove as fleeting as the electoral enthusiasm that fueled it.