Trump Media & Technology Group’s stock is tumbling again after the company announced a potentially massive new influx of shares. The struggling company is rapidly losing money, and a new stock offering could help it stay afloat.

The addition of 21.5 million shares for sale announced Monday would add more than 15% more stock to the publicly available shares of the Truth Social owner, substantially devaluing existing shareholders’ stakes — including that of former President Donald Trump. Millions of shares could be sold off as a result.

This filing seeks to register all shares related to the merger that took Trump Media public, including those that are tied to warrants. Warrants give the holder the right to buy shares of a company’s stock at a set price.

Matthew Tuttle, chief executive of Tuttle Capital Management, says that management would be “stupid” not to sell more stock, even though the move will upset shareholders.

Shares of TMTG (DJT) fell roughly 18% Monday afternoon, having lost more than 60% of its value from its peak on March 26, the day after the merger was completed and it started trading publicly as TMTG.

Whenever you see a stock jump, like you saw this jump, a secondary offering is always a risk. I think a lot of investors in this don’t know that. … You’ve got a lot of probably Trump fans sitting there saying, what the heck? Still, the stock’s move lower based on this latest update will likely be temporary, he said.

Shareholders, including Trump, have already seen their holdings dwindle in value since the company went public. Anyone who bought Trump Media at the closing high of $66.22 on March 27 has now lost more than half of their money. The steep declines have put a dent in Trump’s net worth. The former president’s stake was valued at $5.2 billion at the closing high for Trump Media’s stock price. As of Monday morning, it had plummeted.

As long as Trump is in the news in some way, shape or form, this is going to be a meme stock. People are going to trade it.