Truth Social has $200 million after merger to finance expansion, CEO saysTruth Social today has no debt and over $200 million in the bank, opening numerous possibilities for expanding and enhancing our platformFollowing the Trump Media & Technology Group's successful merger with Digital World Acquisition Corp. and its listing on the stock market, the firm that controls social media platform Truth Social has a considerable stockpile of cash to finance its expansion, according to its CEO.
The companies completed their merger earlier this month, following a lengthy period of scrutiny from the Securities and Exchange Commission. The company's market cap has fluctuated considerably since its IPO.
Following the listing, the company filed its form 10-K with the SEC, according to Global Newswire.
"We are excited to be operating as a public company and to have secured access to capital markets. Closing out the 2023 financials related to the merger, Truth Social today has no debt and over $200 million in the bank, opening numerous possibilities for expanding and enhancing our platform," CEO Devin Nunes said. "We intend to take full advantage of these opportunities to make Truth Social the quintessential free-speech platform for the American people."
Prior to the IPO, Nunes hinted that the company would make use of its then-expected windfall to finance the expansion of the app's capabilities and work toward attracting new users.
Speaking on the "Just the News, No Noise" television show last month, Nunes indicated that the platform was looking to expand its video-streaming capabilities and to build on its existing group features.
"So that's something we're looking at is streaming, we've been testing it, developing it. So stay tuned. There's there's more to come," he said at the time.
https://justthenews.com/accountability/media/truth-social-has-200-million-after-merger-finance-expansion-ceo-says
