Trump's social media venture strikes $2.5B deal to buy bitcoin
President Donald Trump's social media startup has a new business strategy: Buy bitcoin.
Trump Media & Technology Group — the parent company of Truth Social, whose controlling shareholder is Trump himself — has entered into deals with about 50 large investors that will raise $2.5 billion for the company through both stock and debt, according to a statement Tuesday. The company plans to use the funds to create a "bitcoin Treasury," a move that further deepens the footprint of the president's business empire in the $3.5 trillion cryptocurrency market.
"We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets," said Devin Nunes, the former Republican representative who is Trump Media's CEO, in the statement. "Our first acquisition of a crown jewel asset, this investment will help defend our Company against harassment and discrimination by financial institutions, which plague many Americans and U.S. firms."
Nunes said the deal will help "create synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+", the company's streaming platform. Trump Media expects that the offering will close on or around Thursday.
https://finance.yahoo.com/news/trumps-social-media-venture-strikes-150656558.html
Outside of money laundering I don't see it as a good investment.
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