Investing.com-- Qube Research & Technologies, a London-based quantitative hedge fund, has disclosed a short position of approximately $105 million in Trump Media & Technology Group (NASDAQ: DJT ), the parent company of Truth Social.

The position, revealed in a filing with Germany’s Bundesanzeiger, represents 2.53% of Trump Media’s free float.

This move underscores growing skepticism among institutional investors regarding Trump Media’s valuation, which some analysts view as disconnected from its financial fundamentals.

Shares of the company fell 0.6% in extended trading on Monday, after inching up 0.3% in regular trading.

Qube Research & Technologies, managing approximately $28 billion in assets, has not officially commented on the rationale behind its position.