Reported 8 months ago
Shares of Trump Media & Technology Group (TMTG) saw a significant drop after the Securities and Exchange Commission (SEC) approved the company's registration statement, potentially flooding the market with over 14 million new shares. The decision follows the company's announcement of the SEC's move, which could generate nearly $250 million in proceeds if all warrants are exercised. TMTG CEO Devin Nunes sees this as a positive development for the company, aiming to leverage the funds for expansion, particularly for Truth Social and a streaming television product. The stock has been volatile since going public through a merger in March, with recent events such as allegations of short selling and earnings reports contributing to fluctuations in share prices.
Source: YAHOO