Shares of Trump Media & Technology Group (DJT) tumbled 5.03% in intraday trading on Thursday, as the company faced a double whammy of negative sentiment. The stock's decline was primarily driven by an escalating feud between former President Donald Trump and tech billionaire Elon Musk, as well as the announcement of a new Bitcoin ETF initiative.

The rift between Trump and Musk, once allies, widened as Trump expressed disappointment over Musk's public opposition to a sweeping tax-cut and spending bill central to Trump's agenda. Trump suggested that Musk's criticism was motivated by the proposed elimination of consumer tax credits for electric vehicles, directly impacting Musk's Tesla. The president even hinted at potentially terminating U.S. government contracts and subsidies given to Musk's companies, further intensifying the conflict.

Adding to investor concerns, Trump Media & Technology Group announced the filing of a registration statement with the U.S. Securities and Exchange Commission for a proposed Bitcoin ETF. The Truth Social Bitcoin ETF aims to hold the cryptocurrency directly, with Crypto.com serving as the exclusive bitcoin custodian. While this move signals the company's push into the cryptocurrency space, it also introduces new risks that may have spooked some investors, contributing to the stock's decline.

The stock's sharp drop reflects growing uncertainty surrounding the company's relationship with key allies and its venture into the volatile cryptocurrency market. Investors will be closely watching how these developments unfold and their potential impact on Trump Media & Technology Group's future prospects.