Trump Media stock drops 4% as company shifts away from bitcoin strategy after heavy losses

Trump Media & Technology Group's stock fell 4% following its decision to abandon its bitcoin treasury strategy after nearly $200 million in crypto losses. The company is refocusing on its media and advertising business, including Truth Social and an acquisition of TAE Technologies, a nuclear fusion firm. This pivot comes amid a steep decline in bitcoin prices, which heavily impacted Trump Media's financials, including a $238 million net loss last quarter. Investors will watch how the company executes this new strategy and manages its remaining bitcoin holdings.