Trump Media and Technology Group (TMTG), the parent company of the Truth Social platform, announced it has raised $105 million from the exercise of warrants between June 20 and July 1, 2024.
This amount surpasses initial expectations by 51%, providing a significant boost to the company’s financial standing.
Unrestricted cash strengthens financial position
TMTG reported that approximately $41 million of previously restricted cash has now become unrestricted. As a result, as of July 1, 2024, the company holds more than $350 million in cash with no debt on its balance sheet.
This development comes at a critical time, as the company navigates through a period of volatility influenced by recent political and legal events.
Stock reacts to political and legal news
The company’s stock experienced notable fluctuations following the first presidential debate and updates regarding former President Donald Trump’s legal situation.
As of 11:25 am ET, TMTG’s stock had dropped by 2.06%, trading at $32.40 per share.
The stock movements reflect investor reactions to the broader political landscape and its impact on TMTG.
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