Trump Media and Technology Group (DJT), the parent company of the social media platform TRUTH Social, provides for a share buyback program of $ 400 million.
President Donald Trump’s media cabinet said the takeover would be funded separately and would not change his Bitcoin cash strategy.
The acquisition will be made through free market transactions and redeemed actions will be withdrawn by the company, Trump Media announced on Monday.
“Since Trump Media now has about $ 3 billion in his balance sheet, we have the flexibility to take measures like the latter which support the yields of solid shareholders, while we continue to explore other strategic opportunities,” said CEO Devin Nunes.
Trump Media recently collected more than $ 2 billion from around 50 institutional investors to create a BTC treasure, for which Crypto.com and Digital Anchorage will provide childcare services.
DJT shares climbed more than 3.8% to $ 18.50 at the start of negotiations on Monday after the buyout.
