Photo: Alamy
In a Tuesday press release, Trump Media & Technology Group (TMTG) announced that it currently has over $350 million in cash on hand and revealed that the company was debt-free as of July 1.
The press release said that TMTG raked in $105 million from the “cash exercise of warrants between June 20 and July 1.” Further, the company said that “$41 million of restricted cash has recently become unrestricted.”
The news comes just one day after TMTG announced that it had been chosen to join the Russell 1000 and broad-market Russell 3000 Indexes, which was “effective after the U.S. Market closed on June 28, 2024.”
President Trump remains the majority shareholder of TMTG, owning 65 percent of the outstanding common stock.
The 45th president frequently encourages Americans to join TMTG’s Truth Social so their voices can be heard. His direct communication with the public has set him apart from previous presidents and allowed him to counter the narratives pushed by the mainstream media.
As the presidential election draws nearer, certain social media companies could implement restrictive policies similar to those of the 2020 election. So-called “fact-checking” and censoring of discussions related to the election could restrict the flow of free information among Americans.
TMTG’s mission is “to end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back.” The company touts Truth Social as “a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations.”
