Trump Media & Technology Group Corp DJT has had a volatile trading session since Thursday, as social media has criticized Republican presidential candidate Donald Trump’s cancellation of scheduled events and conduct at recent events, including a town hall in Pennsylvania.
The market also priced in the disappointment met with by Trump’s cryptocurrency venture World Liberty Financial (WLF), which aimed to raise $300 million. The WLFI token could sell tokens worth $12.9 million, CNBC cited from the website.
On Thursday, Trump’s crypto venture released a 13-page document detailing its mission and token allocation plans.
The document reveals that Trump and his family could receive 75% of the project’s net revenue.
WLF outlined that the Trump family will receive 22.5 billion “$WLFI” tokens, valued at $337.5 million, based on the token’s launch price of 1.5 cents each.
The paper specifies that neither Trump nor his family members hold any roles as directors, employees, or managers within WLF or its affiliates. It also emphasized that the project was unaffiliated with any political campaign.
DT Marks DEFI LLC, a Delaware-based company tied to Trump, will receive three-quarters of the net protocol revenues. Of the remaining 25%, Axiom Management Group, co-founded by Chase Herro and Zachary Folkman, will receive its share.
WLF aims to operate as a crypto bank where users can borrow, lend, and invest in digital currencies.
The Truth Social parent has priced in the Republican presidential candidate’s every move, including presidential election poll results versus Vice President Kamala Harris, his campaign topics, and policies.
As per reports, President Joe Biden canceled his presidential candidature shortly after he debated with Trump, where Biden appeared to be fumbling.
Despite the lockup period’s expiry, Trump’s retention of a majority stake in Trump Media further instilled conviction in the investors.
The stock surged over 91% in the last 30 days as the market resonated more with Trump’s stance on the economy, border security, immigration, and more.
Trump remains unabated, helping him gain the confidence of Tesla Inc TSLA chief Elon Musk, who contributed nearly $75 million to support Trump’s re-election campaign, shifting loyalties from the Democratic candidate.
The stock also got a boost from Trump Media’s launch of its Truth+ streaming service on the web.
Price Action: DJT stock is up 1.57% at $30.37 at the last check on Friday.
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