With its stock in sharp decline, Trump's media company will buy $400 million of its own shares
NEW YORK (AP) — President Donald Trump’s media company plans to buy back up to $400 million of its stock, which have lost 46% of their value this year.
Trump Media and Technology Group, which operates the Truth Social media platform, said Monday that the acquisition will improve its financial flexibility. It will retire the shares after they are purchased, meaning these particular shares can’t be reissued.
Companies can drive their stock higher by acquiring or removing the number of company shares outstanding. Trump is the largest stakeholder in Trump Media, with about 114 million shares.
Shares of Trump Media rose just over 2% Monday. But the shares appeared to peak about a month after the company went public in late March. Shares have been on a steady, downward trajectory since.
https://apnews.com/article/trump-media-buyback-stock-truth-social-385a1389bbc8508477fb272a4bfcf179
Did he get the money for the buyback from the cybercurrency he sold?
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