You have to consider that institutional investors have many...

You have to consider that institutional investors have many trading strategies available outside of just "sell for a loss". The shares that were just allocated represent ammunition. If there is weakness or capitulation in play, those shares can be used to amplify the downward movement either by selling them directly, or lending them to a short trader, or even by selling them and borrowing more to short. Once the negative movement has been exhausted they can recover their original positions at a much lower entry price.

There will be a small proportion of retail investors who might panic and bail out, but I don't see how you can ascribe the tens of millions of shares trading hands entirely to panicky private investors. These are high-volume, low-margin traders mobilising mainstream media, brokers and social media to create and capitalise on volatility. It's a mistake to think of them as "investors". They buy and sell money. They have no regard for the quality or future of the underlying business. Their only interest is that the share price should flap around a lot so they can churn the money in and out for profit.

We never saw this kind of media coverage or volatility before the board handed the company to the institutional players.