Donald Trump’s social media platform Truth Social is in talks to buy Bakkt, a cryptocurrency trading platform owned by Intercontinental Exchange. This was reported by the Financial Times, citing two sources familiar with the situation.
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The amount of the transaction was not disclosed, but Bakkt’s market capitalization on November 18 was just over $150 million.
Following news of the deals, Bakkt shares soared 162%, while TMTG shares rose approximately 16.7%.
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The Truth Social platform is operated by Trump Media and Technology Group (TMTG). Its shares became one of the most traded on US stock exchanges after Trump’s victory. TMTG’s revenue for 2023 amounted to $2.6 million, while its shares are valued at $6 billion, thanks to which management has funds to buy other companies, notes FT.
It was previously reported that Donald Trump plans to appoint cryptocurrency supporters to key positions in US financial departments.
Author:
Daria Vasilyeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
