Trump Media & technology Group (DJT) shares fell 1.7% on Monday, marking a new low for the stock since its merger with a special purpose acquisition company (SPAC).
The drop is part of a broader downtrend: Shares are down 53% over the past three months, though they're still up 28% this year.
The recent drop underscores ongoing volatility and investor concerns surrounding the company, which is run by former President Donald Trump and aims to compete in the media and social media space.
The stock's poor performance comes after a series of challenges, including a weak earnings report and former President Donald Trump's return to rival social media platform x.
Still, it was revealed in filings last week that several well-known institutional investors made significant purchases in the media company ahead of its inclusion in two Russell indexes.
Trump Media & technology Group has attracted interest from asset management giants Vanguard, State Street and BlackRock, the documents showed.
Specifically, Vanguard Group reportedly initiated a new position by acquiring nearly 2.9 million shares of Trump Media & technology Corp, valued at approximately $94.3 million at the end of the quarter.
BlackRock also opened a new position by purchasing nearly 2.2 million shares, while State Street bought just over 440,000 shares.
However, the sharp drop in DJT's share price raises questions about investor confidence in the company.
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