Trump Media & Technology Group, parent company of Truth Social and the fintech platform Truth.Fi, said Monday its board has approved a stock buyback of up to $400 million. All of the repurchased shares will be retired.
Devin Nunes, Trump Media's CEO and Chairman, said in a statement, “The Board took a vote of confidence in our Company, our stock, and our strategic plans. Since Trump Media now has approximately $3 billion on its balance sheet, we have the flexibility to take actions like this which support strong shareholder returns, as we continue exploring further strategic opportunities.”
The stock repurchase is being funded separately from Trump Media’s $2.3 billion Bitcoin treasury private placement.
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The move signals confidence in the future of Trump Media (DJT) despite its losing hundreds of millions earlier this year, CNBC reports.
This is a developing story. Please check back for updates.
Lee Barney ✉
Lee Barney, Newsmax’s financial editor, has been a financial journalist for 30 years, covering the economy, retirement planning, investing and financial technology.
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