Trump Media Denies $3B Crypto Fundraising Report Amid Scrutiny ๐ซ๐ฐ
Trump Media & Technology Group (TMTG), the parent company behind Truth Social, has strongly denied a report by the Financial Times claiming the company is planning to raise $3 billion to invest in cryptocurrencies like Bitcoin. ๐ฐ๐ช
The FT report, citing anonymous sources, alleged that TMTG aimed to raise $2 billion through equity and $1 billion via convertible bonds. However, TMTG clapped back sharply, stating:
"Apparently the Financial Times has dumb writers listening to even dumber sources." ๐ฅ๐งจ
Despite the denial, the market responded positively. TMTGโs stock ($DJT) jumped around 11% in premarket trading on Tuesday. ๐๐
While the company rejected the $3B figure, itโs no secret that TMTG has shown interest in crypto. Earlier this year, it launched Truth.Fi, a digital asset initiative with plans to invest up to $250 million in Bitcoin, other cryptocurrencies, and ETFs. Itโs also reportedly developing a digital wallet and its own native token. ๐ช๐ฒ
The FT also mentioned that the alleged fundraising might have been announced at a high-profile crypto event in Las Vegas, possibly featuring big names like JD Vance, Donald Trump Jr., and Eric Trump. ๐ค๐ฐ
As of now, no official fundraising details have been confirmed by TMTG. But with the companyโs increasing tilt toward crypto, the future remains uncertainโand worth watching. ๐โณ #TrumpMedia #CryptoNews