Trump Media and Technology Group (DJT), the parent company of Social Media Platform Truth Social, is planning a $ 400 million repurchase program.
President Donald Trump’s media company said repurchase would be funded separately and not changing his Bitcoin Treasury strategy.
The repurchase will be carried out through open market transactions and the repurchased shares will be retired by the company, Trump Media announced on Monday.
“Since Trump Media now has about $ 3 billion on its balance, we have the flexibility to take actions like this that supports strong shareholder returns as we continue to explore additional strategic opportunities,” CEO Devin Nunes said.
Trump Media recently raised more than $ 2 billion from about 50 institutional investors to create a BTC Treasury that Crypto.com and Anchorage Digital will provide custody services.
DJT shares rose over 3.8% to $ 18.50 in the early trade Monday after the repurchase message.
