Trump Media and Technology Group, the parent entity of Truth Social, has recently secured a significant amount of funding that will support its plans for launching a new live TV streaming platform and content delivery network (CDN). In a recent SEC filing, the company disclosed that it 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 newfound financial backing, Trump Media is now poised 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 currently preparing to implement live streaming on the iOS, Android, and web versions of Truth Social. Subsequent phases will involve launching an OTT streaming app for smartphones and tablets as well as an app for smart TVs.
In addition to securing funding for its new platform, Trump Media recently announced that its stock will be included in both the Russell 1000 and Russell 3000 indexes during their annual reconstitution process. This inclusion will provide access to passive liquidity for the company’s shares, as being part of 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 development presents a significant opportunity for Trump Media to attract more investors and expand its shareholder base.
Overall, Trump Media and Technology Group continues to make strides towards launching its innovative live TV streaming platform while also expanding accessibility for investors through inclusion in major stock market indexes.
