Trump Media shares dropped 9% in premarket trading Tuesday after spiking 31% on Tuesday.

Trump Media & Technology Group's stock price soared 31.4% on Monday as Wall Street recalculated the odds of former President Donald Trump succeeding in his reelection campaign following Saturday's failed assassination attempt.

The spike is sharply lifting the value of Trump ’ s dominant stake in the owner of Truth Social.

Trading under the ticker symbol "DJT," Trump Media has achieved a massive valuation despite making little revenue and Truth Social remaining a tiny player in social media.

Experts have said Trump Media is a meme stock: trading on momentum and hype, not fundamentals.

For months, Trump Media has been a way for investors to bet on Trump returning to the White House, making Truth Social the primary platform for presidential communications.

The rally comes as Trump prepares to formally accept the Republican nomination for president at the convention in Milwaukee this week.

Trump Media recently announced it has been added to the Russell 1000 Index of large-cap stocks and the Russell 3000 Index. As a result, countless retail investors now own a piece of Trump Media through mutual funds and exchange-traded funds ( ETFs ) .