DJT stock: BlackRock, Vanguard disclose large positions in Trump Media

Several well-known institutional investors made significant purchases in former President Donald Trump’s media company ahead of its inclusion in two Russell indexes, according to regulatory filings released on Wednesday.

Trump Media&Technology Group, the parent company of the Truth Social platform, attracted interest from asset management giants Vanguard, State Street (NYSE STT), and BlackRock (NYSE:BLK), filings showed.

More concretely, Vanguard Group initiated a new position by acquiring nearly 2.9 million shares of Trump Media&Technology Group Corp (NASDAQ:DJT), valued at approximately $94.3 million by the end of the quarter. BlackRock also opened a new position with the purchase of nearly 2.2 million shares, while State Street bought just over 440,000 shares.

Trump Media&Technology was added to the Russell 1000 and Russell 3000 indexes at the end of June, coinciding with the final day of the last regulatory disclosure period. Market participants noted that index-based firms often purchase shares of companies they anticipate will be added to an index before their official inclusion.

Other investors who bought shares of Trump Media include hedge fund Greenwich Wealth Management, which acquired a new position of 350,000 shares. Hudson (NYSE:HUD) Bay Capital Management increased its existing stake by adding about 52,000 shares, bringing its total holding to around 202,000 shares.

These positions were disclosed in 13F filings, which provide a snapshot of fund managers' holdings at the end of each quarter.

Shares of Trump Media, which began trading on the Nasdaq on March 26, have experienced significant volatility.

The DJT stock hit near record lows on Wednesday following the company’s weak quarterly results and Trump’s return to the social media platform X.

The decline in Trump's polling numbers and his diminished lead in election betting markets have also negatively impacted the stock, which some retail traders view as a proxy for his chances of securing a second presidential term.