June 23 (UPI) -- The parent company behind the Truth Social social media platform announced Monday it will buy back millions of dollars' worth of its own stock.
The Trump Media and Technology Group Corp., or DJT, of which President Donald Trump indirectly owns more than 114 million shares via a revocable trust and is the largest shareholder, stated in a press release that its board of directors has approved the repurchase of up to $400 million of the company's common stock.
"The board took a vote of confidence in our company, our stock and our strategic plans," said Trump Media's CEO and Chairman Devin Nunes. "Since Trump Media now has approximately $3 billion on its balance sheet, we have the flexibility to take actions like this which support strong shareholder returns, as we continue exploring further strategic opportunities."
DJT is the operator of Truth Social, the streaming platform Truth+ and the FinTech brand Truth.Fi.
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