There’s been strong volume for the closely watched Trump Media & Technology stock, but no big pops after Election Day.

ARC Global Investments drastically reduced its stake in Trump Media & Technology Group to just 0.01%, down from over 5%, amid legal disputes and SEC allegations against its former CEO, Patrick Orlando.

Trump Media stock was one of the clearest Trump trades going into the election. But since Nov. 6, the stock has fallen about 20% while the S&P 500 has risen 2%. The volatile stock was moving little in the premarket Thursday,

Orlando, the former CEO of the company that took Trump Media public in a SPAC merger, and ARC, the sponsor of that merger, now hold just 30,147 DJT shares — about 0.01% of the company's common stock, according to the SEC filing.

Shares in Trump Media did not sustain their sudden rise after Donald Trump was declared winner of the 2024 presidential election.

Donald Trump’s social-media company doesn’t earn very much money, but that hasn’t stopped investors from buying up the stock in droves. Trump Media & Technology Group Corp. DJT, parent company of Trump’s social-media platform Truth Social, is valued at $7.8 billion, despite posting only $1 million in revenue in the third quarter.

The chief financial officer of Trump Media and two other corporate insiders sold more than $16 million worth of company stock in the week following the presidential election, according to new disclosures.

Trump Media insiders sold stock worth more than $16 million in the days after last week’s presidential election, according to a series of filings late Tuesday.