Trump Media & Technology Group (DJT) shares fell 1.7% on Monday, hitting a new low since its merger with a special purpose acquisition company (SPAC).
The decline is part of a broader downward trend; the stock has lost 53 percent in the last three months, but is still up 28 percent this year.
The recent decline underscores ongoing volatility and investor concerns about the company, which is led by former President Donald Trump and aims to compete in the media and social networking space.
The stock’s weak performance comes as a result of a number of challenges, including a weak earnings report and former President Donald Trump’s return to rival social media platform X.
Nevertheless, documents revealed last week that several well-known institutional investors had made significant purchases in the media company before it was included in two Russell indices.
According to the documents, Trump Media & Technology Group attracted interest from asset management giants Vanguard, State Street and BlackRock.
More specifically, Vanguard Group is said to have built a new position by purchasing nearly 2.9 million shares of Trump Media & Technology Corp., which was worth 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.
Nevertheless, the sharp decline in DJT share value raises questions about investor confidence in the company.
