Trump Media & Technology Group, owner of the social media platform Truth Social, announced its plans to invest $2.5 billion in purchasing Bitcoin. The company will raise this amount through the sale of shares worth $1.5 billion and convertible bonds worth $1 billion, in collaboration with about 50 institutional investors.
Investment Objectives
The company's CEO, Devin Nunes, stated that this move aims to enhance 'true financial freedom' and protect the company from what he described as 'institutional discrimination' by traditional financial institutions. He also noted that Bitcoin will be a fundamental part of the company's assets, paving the way for new services such as paid subscriptions and utility tokens.
About Trump Media
• Full Name: Trump Media & Technology Group Corp.
• Founded: February 2021
• Headquarters: Sarasota, Florida
• CEO: Devin Nunes
• Products: Truth Social (social media platform), Truth+ (streaming service). (Financial services and FinTech)
• Number of Employees: Approximately 36 employees (as of 2023)
• Stock Symbol: DJT
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