DJT shares fall 10% as Trump Media says it's raising $2.5 billion to buy bitcoin

Republican presidential nominee and former U.S. President Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024. LAS VEGAS — Trump Media announced Tuesday a $2.5 billion raise from institutional investors to bankroll one of the largest bitcoin treasury allocations by a public company. Shares of the company fell about 10% following the news. It's the latest and most ambitious move in its evolution from a free-speech social platform to a financial services player. The deal includes $1.5 billion in common stock and $1 billion in convertible notes, with proceeds earmarked for the purchase of bitcoin, which the company will now hold as a core treasury asset. the company said it has subscription agreements with about 50 institutional investors. The company also confirmed the bitcoin will be held with Anchorage Digital and Crypto.com — the same platform that recently inked a deal to help Trump Media launch its first exchange-traded funds. The annou ... Read full article.