Trump Media joins Russell Indexes after annual refresh

Illustration shows Truth social network logo

(Reuters) - Trump Media & Technology Group, which owns social media platform Truth Social, said on Monday it has been added to the Russell Indexes as part of their annual reconstitution.

The Russell Indexes include the Russell 1000 index of large-cap stocks and the Russell 2000 index of small-cap names, which together make up the Russell 3000 index. In addition, there are style indexes such as the Russell 1000 growth and Russell 2000 value.

Trump Media has been included in the Russell 1000 and Russell 3000 indexes, effective after the U.S. market closed on June 28.

While some index providers choose to constantly refresh their indexes to keep a fixed amount of components in them, FTSE Russell only reconstitutes once per year, with the exception of adding initial public offerings on a quarterly basis.

This annual selection prompts fund managers and investors to adjust their portfolios to reflect the new weightings and components.

(Reporting by Priyanka.G in Bengaluru; Editing by Krishna Chandra Eluri)