Trump Media raises $105 M from warrants, now has $350 M in cash
Summary
Follow Invezz on Telegram , Twitter , and Google News for instant updates >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.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals for FREE. Takes 2 mins.This amount surpasses initial expectations by 51%, providing a significant boost to the companys financial standing.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.The companys stock experienced notable fluctuations following the first presidential debate and updates regarding former President Donald Trumps legal situation.As of 11:25 am ET, TMTGs 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.