Why Trump Media & Technology Group Corp (DJT) Went Down On Tuesday

We recently published a list of 10 Stocks Got Wiped Out. Are You Holding Any? In this article, we are going to take a look at where Trump Media & Technology Group Corp (NASDAQ:DJT) stands against other worst-performing stocks.

Trump Media fell by 10.38 percent on Tuesday to end at $23.05 apiece as investors soured on its plans to raise $2.5 billion through the issuance of more shares to invest in Bitcoin.

According to the company, it plans to raise $1.5 billion from selling shares, while the remaining $1 billion will be raised through convertible notes priced at a 35-percent premium.

Meanwhile, the Bitcoins will be held on Trump Media & Technology Group Corp.’s (NASDAQ:DJT) balance sheet alongside existing cash and short-term investments totaling $759 million.

Trump Media & Technology Group Corp

Crypto platforms Crypto.com and Anchorage Digital will provide custody for the Bitcoin holdings.

“We view bitcoin as an apex instrument of financial freedom,” said Trump Media & Technology Group Corp. (NASDAQ:DJT) CEO Devin Nunes.

He also hailed the move as a “big step forward” in the firm’s plan to acquire “crown jewel assets consistent with America First principles.”

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Disclosure: None. This article is originally published at Insider Monkey.