Why Trump Media Stock Crashed This Week
Shares of Trump Media Technology Group (NASDAQ: DJT) are falling this week. The company's stock had plummeted 16.7% at 2:16 p.m. ET. The fall comes as the S 500 index has risen 1.4% and the Nasdaq-100 index has risen 1.1%.
Trump Media announced on Tuesday that it is pursuing a new strategy of Bitcoin accumulation. The company is raising $2.5 billion in a private deal to create what will be the largest Bitcoin reserve held by a private company.
Following in the footsteps of Michael Saylor's Strategy, Trump Media is betting a massive reserve of Bitcoin will drive future value. The company announced it is raising $2.5 billion through a private placement in exchange for $1.5 billion in common stock and $1 billion in convertible notes.
Source Fool.com
