Trump Media and Technology Group (TMTG) has announced a stock buyback program while confirming its intentions for Bitcoin investment.
Stock Buyback Program
TMTG disclosed that its board of directors has approved a buyback of up to $400 million worth of common stock. The company stated that this move will not interfere with its ambitious plan to build a Bitcoin treasury.
Bitcoin Plans and Investment Injections
The firm confirmed its intention to allocate more than $2 billion toward acquiring Bitcoin, despite initial reports suggesting it aimed to raise $3 billion for crypto investments. Ultimately, a $2.5 billion capital injection was announced.
Political Response and Legislation
These moves have sparked political pushback. Senate members criticized the president for favoring cryptocurrency-related entities. Senator Adam Schiff introduced legislation to prohibit government officials from promoting digital assets.
The situation with TMTG highlights the growing intersection of cryptocurrencies and politics in the U.S., leading to public and legal discussions.
