MONPELIER — Vermont Treasurer Mike Pieciak recently led a coalition of state fiscal officers in challenging the continued inclusion of Trump Media & Technology Group (TMTG) in the influential Russell 3000 Index. The joint letter calls for stronger safeguards to protect market integrity and ensure the index reflects sound financial fundamentals.

Financial leaders cited TMTG's dramatic stock decline – losing more than half its value since index inclusion and nearly three-quarters from its peak – along with negligible revenues, extreme volatility, and governance concerns as evidence that the company undermines the index's credibility.

Officials emphasized that TMTG's inclusion in the Russell 3000 triggers automatic investment flows through index funds, with about $10.6 trillion in assets no

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