In a recent update, Trump Media & Technology Group Corp. (NASDAQ:DJT) has disclosed a new communication shared on its platform, Truth Social. The company, which is recognized under the SIC code 7370 for computer programming and data processing services, filed a Form 8-K with the Securities and Exchange Commission on Tuesday, November 19, 2024.
According to the filing, the communication was made available through the company's Truth Social account. The content of this post, which is considered a notable event under Item 8.01, has been attached as Exhibit 99.1 in the filing.
Trump Media & Technology Group Corp., with its headquarters in Sarasota, Florida, operates Truth Social, a social media platform. The company was formerly known as Digital World Acquisition (NASDAQ:DJT) Corp. before changing its name on March 5, 2021.
The company's securities, including common stock and warrants, are traded on The Nasdaq Stock Market under the symbols DJT and DJTWW, respectively. Each whole warrant is exercisable for one share of common stock at an exercise price of $11.50.
The information provided in this article is based on a press release statement from Trump Media & Technology Group Corp. and the details of the communication shared on Truth Social have not been specified in this report.
In other recent news, Trump Media & Technology Group (TMTG) has completed its nationwide data center deployment, a crucial step in enhancing its streaming service, Truth+. The company, which reported a $16.4 million loss in the second quarter with revenue at $837,000, has also launched its Truth+ app on Amazon (NASDAQ:AMZN) Fire TV and Android TV, broadening its digital footprint.
In the backdrop of these developments, TMTG initiated a share repurchase program, authorizing the buyback of 128,138 shares of common stock from certain executive employees. Furthermore, short sellers of TMTG stock faced significant losses, with S3 Partners reporting a $420 million hit.
Additionally, the company's stock has been linked to the outcome of the recent presidential election, with traders anticipating post-election volatility. Despite these market fluctuations, TMTG continues to strengthen its free-speech platform, Truth Social, with plans for further expansion in the streaming market.
InvestingPro Insights
Recent market data from InvestingPro sheds light on Trump Media & Technology Group Corp.'s (NASDAQ:DJT) stock performance. The company's shares have shown resilience over the past year, with a 14.04% total return. This positive trend extends to shorter timeframes as well, with a 3.94% return over the past month and a 7.7% return over the last three months.
These figures suggest that despite the volatility often associated with media and technology stocks, DJT has maintained a generally upward trajectory. The stock's previous closing price was $17,144.70, with an average daily trading volume of 102.35 million shares over the past three months, indicating significant investor interest and liquidity.
For investors seeking a deeper understanding of Trump Media & Technology Group Corp.'s financial health and market position, InvestingPro offers additional insights. The platform provides numerous tips beyond what's mentioned here, helping investors make more informed decisions about DJT and similar stocks in the computer programming and data processing services sector.
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