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Trump Media Technology Group plans to repurchase $400 million in stock, independent of its Bitcoin financial strategy.
Gate News bot news, according to CoinDesk, the parent company of the social media platform Truth Social, Trump Media & Technology Group (DJT) is planning a $400 million stock buyback plan.
The media company of President Donald Trump stated that the funds for this buyback will be separate from its Bitcoin financial strategy and will not change its financial strategy.
Trump Media announced on Monday that the buyback will be conducted through open market transactions, and the shares will be repurchased by the company itself.
CEO Devin Nunes stated: “Given that Trump Media currently has approximately $3 billion on its balance sheet, we are capable of taking such actions to support strong shareholder returns while we continue to explore further strategic opportunities.”
Trump Media has recently raised over $2 billion from around 50 institutional investors to create a Bitcoin treasury.
After announcing the buyback news, DJT’s stock price rose by more than 3.8% in Monday’s morning session to $18.50.