Trump Media And Technology Group Now Has $350 Million In Cash After Raising 51 Percent More Funds Than Initially Expected From The Exercise Of Warrants
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Trump Media and Technology Group (DJT), the parent entity of the Truth Social platform, is currently brimming with fresh liquidity that augurs well for its ambitious plans to launch a new live TV streaming platform and its own content delivery network (CDN).
We reported on the 21st of June that Trump Media and Technology Group expected to receive $69.4 million in proceeds from the cash exercise of its warrants. Today, in a new filing with the SEC, the company has disclosed that it managed to raise 51 percent more funds relative to its initial expectations, to the tune of $105 million.
Related Story Trump Media And Technology Group (DJT) Expects Its Unrestricted Cash To Swell To $240 Million And Receive An Additional $69.4 Million From The Cash Exercise Of Its Warrants
After factoring in $41 million in restricted cash that recently became unrestricted, the company's cumulative cash balance as of the 01st of July swelled to $350 million.
Trump Media can now start to aggressively deploy its cash-rich coffers to pursue an ambitious growth-focused agenda. Back in May, the company had noted that it was done with the research and development phase of its new live TV streaming platform and that it would soon begin scaling up its own content delivery network (CDN). In the first phase, Trump Media and Technology Group plans to introduce live streaming to the iOS, Android, and web versions of the Truth Social platform. In the second phase, the company intends to launch a dedicated OTT streaming app for smartphones and tablets, and then release a version of the app for smart TVs in the third phase.
In a related development, Trump Media and Technology Group announced this week that its stock will now be included in the Russell 1000 and Russell 3000 indexes as part of their annual reconstitution, paving the way for the inflow of passive
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