Donald Trump will make a $400,000 salary as president. His shares in Trump Media could keep him rich to the tune of $8 billion

Analysts have spent years attempting to ascertain Trump’s precise net worth—and Trump hasn’t helped, by refusing to publish his tax returns over the years.

According to Cordell Eminent Scholar Jay Ritter, though, the largest part of Trump’s paper wealth is the 114.75 million shares in Trump Media stock that he owns.

When markets opened Wednesday, Trump’s shares were worth “close to $4.8 billion,” Ritter told Fortune. But the value oscillates wildly, as it has throughout the election cycle. “The stock has backtracked to $35 as I write, [now] worth about $4 billion.”

Read more from Ritter in this story from Fortune.