Trump's Truth Social has already lost its stock shine

• That represents a whopping 53% decline from its intra-day high just two weeks ago, which was when it began trading after merging with a SPAC.
• Donald Trump's personal stake at Monday's close was worth $2.93 billion, down $3.32 billion from the initial pop.

The big picture: The share price always seemed farcical, whether at $70 or $30, but this one seemed to be more about the feels than the financials.

• Trump fans locking certificates into brokerage apps for safekeeping, like the stock equivalent of those gold sneakers. An exception to the de-SPAC rule, which is to look out below.
• Look out below.

Zoom in: Truth Social CEO Devin Nunes has done a few interviews with MAGA-friendly media, in which he's blamed his company's unprofitability and paltry revenue on issues outside of his control:

• "It's important to remember those numbers are based on what was the longest IPO in history, so we were overregulated," he recently told Fox News Channel's Maria Bartiromo. "So if you actually look at the cost, we built Truth Social ... for a fraction of what many of these big tech dinosaur companies were built for."

Reality check: Truth Social wasn't overregulated. It decided to merge with a SPAC that broke securities laws. Not to mention the related insider trading charges and auditing troubles.

• Moreover, Truth Social could have always tried to raise outside funding in the private markets. Or asked its billionaire founder for more bucks. Or terminated the SPAC agreement and merged with a different one.
• Most capital constraints were of its own making.

The bottom line: Truth Social opened Tuesday with around a $5 billion market cap, which is still more than a 1,200x multiple on revenue. What it no longer has, however, is fervor.