Trump Media & Technology Group stock slid on Wednesday, after two trading sessions of big gains for the Truth Social parent.

Shares, which trade under the ticker DJT and are majority-owned by former President Donald Trump, fell 5.6% to $20.57, while the small-cap Russell 2000 index rose 0.3%.

The losses come after two straight sessions of double-digit gains.

It isn't clear what's been powering the move higher, although Tesla CEO Elon Musk's cameo at a Trump rally on Saturday appears to be one factor that's driven shares higher. "I'm not just MAGA — I'm dark MAGA," the world's richest man told the Republican presidential candidate's supporters.

Trump Media's moves have tended to reflect how the market is feeling about the election on Nov. 5, when the former president will face off against Democratic candidate Kamala Harris, which is why Musk's appearance at the Trump event may have boosted the stock.

It's hard to know how long the rally can last, because shares in Trump Media appear to trade at a valuation that's divorced from traditional metrics such as future cash flows and price/earnings ratios.

Truth Social remains a niche player in the social-media market, which is dominated by such names as Facebook parent Meta Platforms and Musk's X, formerly Twitter. In August, Trump Media reported sales of just $837,000 and a net loss of $16.4 million for the quarter ended June 30.