In recent news, Trump Media and Technology Group (DJT), the parent company of Truth Social, has received a substantial amount of funding to support its plans for a new live TV streaming platform and content delivery network (CDN). The company raised $105 million in proceeds from the cash exercise of its warrants, exceeding its initial expectations by 51%. This, combined with $41 million in unrestricted cash, has boosted the company’s cash balance to $350 million as of July 1st.
With this fresh infusion of funds, Trump Media is now set to aggressively pursue its growth-focused agenda. The company has completed the research and development phase of its new live TV streaming platform and is preparing to implement live streaming on the iOS, Android, and web versions of the Truth Social platform. Subsequent phases will involve launching a dedicated OTT streaming app for smartphones and tablets as well as an app for smart TVs.
In addition to this exciting news, Trump Media and Technology Group recently announced that its stock will be included in the Russell 1000 and Russell 3000 indexes as part of their annual reconstitution. This development will open up access to passive liquidity for the company’s shares, as inclusion in the Russell 3000 index automatically qualifies it for other related indexes. With approximately $9.1 trillion in assets benchmarked against Russell’s U.S. Indexes, this is a significant opportunity for Trump Media to attract more investors and expand its shareholder base.
Overall, these developments signal that Trump Media is poised to continue growing and expanding into new markets while providing valuable services to users on their preferred platforms.
