Truth Social Parent Company Announces $400 Million Stock Buyback
President Donald Trump's media company, the parent of his Truth Social platform, announced Monday that it will buy back $400 million of its shares, a strategy typically used to boost a company's stock value.
Trump Media and Technology Group Corp., which trades on the Nasdaq as DJT, announced that its board of directors recently approved the share repurchase.
'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,' Trump Media CEO and Chairman Devin Nunes said in a statement.
Trump Media shares climbed about 3 percent Monday before retreating; by midday they were trading at $17.57, down nearly 1.5 percent. The stock has been volatile since its debut in March 2024 and is down about 48 percent year-to-date. In May, the company announced that it would raise $2.5 billion to invest in bitcoin cryptocurrency, although the buyback will not be funded by that cash, the company said.
The company has consistently lost money since it went public, posting losses of more than $400 million in 2024, according to its financial filings. The year before, it lost some $58 million.
Though Truth Social trails in monthly users compared with its larger competitors, Elon Musk's X and Meta's Threads, Trump continues to post prolifically on the platform. As of June 1, Trump had posted more than 2,200 times since his inauguration, more than three times the number of tweets he sent in the same period of his first presidency, according to a Washington Post analysis.
Share buybacks are done for a number of reasons, said Michael Roberts, professor of finance at the University of Pennsylvania's Wharton School. A company may have an excess of cash but no profitable investments to spend it on, so it buys back stock and returns value to its shareholders. It may also think its shares are undervalued, so reducing the number of shares on the market boosts the share price for shareholders.
In terms of Trump Media, 'one possibility could be that they look at their share price and they say, 'Look, we've got enormous potential that the market hasn't picked up on and we're going to buy a bunch of shares dirt cheap,' ' he said, although he noted it was unusual for a company that has posted such steep losses to repurchase shares.
Roberts noted he was not deeply familiar with Truth Social. But he said if a company was 'losing money hand over first, it would seem as though capital is at a premium – so again, trying to get rid of that capital is questionable unless the company sees its shares as a very profitable investment because they're undervalued.'
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Japan Times
an hour ago
- Japan Times
Trump says ceasefire has begun, after deadly Iran strikes on Israel
U.S. President Donald Trump said a ceasefire is now in place between Iran and Israel, moments after Israeli emergency services said at least four people were killed by Iranian strikes. Iran fired several waves of missiles on Israel on Tuesday morning, even after Trump said the two countries had agreed to a truce. Israel also further attacked Iran. "THE CEASEFIRE IS NOW IN EFFECT,' Trump said on Truth Social. "PLEASE DO NOT VIOLATE IT!' Israel said Tuesday it had agreed to Trump's "bilateral ceasefire." "Last night, Prime Minister Benjamin Netanyahu convened the cabinet ... to announce that Israel had achieved all the objectives of Operation 'Rising Lion' and much more," the government said in a statement, adding that it had removed "an immediate dual existential threat: nuclear and ballistic." "Israel thanks President Trump and the United States for their support in defense and for their participation in removing the Iranian nuclear threat," the statement said, adding that "Israel will respond forcefully to any violation of the ceasefire." Just hours before Trump's announcement, Iranian Foreign Minister Abbas Araghchi had said that "as of now, there is NO 'agreement' on ceasefire or cessation of military operations." "However, provided that the Israeli regime stops its illegal aggression against the Iranian people no later than 4 a.m. Tehran time, we have no intention to continue our response afterwards," he said on social media. Tuesday's Iranian strikes and Trump's comments followed an extraordinary night in which Tehran retaliated against a U.S. attack over the weekend by launching missiles at an American air base in Qatar. The Islamic Republic's move was telegraphed — with Qatar and the U.S. being forewarned — and there were no casualties. U.S. President Donald Trump arrives to address troops at the Al Udeid Air Base southwest of Doha on May 15. | AFP-JIJI Trump said the strike at Qatar was "weak' and that Iran had "gotten it out of their system.' He even thanked Tehran for "giving us early notice.' "Officially, Iran will start the CEASEFIRE and, upon the 12th Hour, Israel will start the CEASEFIRE and, upon the 24th Hour, an Official END to THE 12 DAY WAR will be saluted by the World,' Trump said in an earlier social media post. Israel was still striking targets in Iran early on Tuesday, but the explosions in Tehran seemed to stop at about 4 a.m. local time, the BBC reported, citing local residents. While Israeli officials remained silent overnight, a senior White House official said Trump brokered the ceasefire in a direct conversation with Prime Minister Benjamin Netanyahu on Monday. Vice President JD Vance, Secretary of State Marco Rubio and special envoy Steve Witkoff held direct and indirect talks with the Iranians about the proposal, the official said. Israel agreed to the truce as long as Iran did not launch further attacks, and the Iranian government signaled it would abide by those terms, according to the official. "For now, I think this is going to hold, and I think you will have an end to the war,' said Dennis Ross, who was President Bill Clinton's envoy to the region and is now a fellow at the Washington Institute for Near East Policy. "Iran has no interest in resuming anything soon.' The developments came about two days after the U.S. suddenly entered the conflict directly by bombing key Iranian nuclear facilities at Fordo, Natanz and Isfahan. Trump said the strikes "completely and totally obliterated' the sites, though battle damage assessments continue and the whereabouts of Iran's enriched uranium stockpile is unknown. Trump had warned Iran late Saturday that if a peace deal wasn't reached quickly following the strikes that the U.S. would go after other targets in Iran with "precision, speed and skill.' Tehran vowed to respond to the unprecedented U.S. attack. But opted for a mostly symbolic response: firing missiles at the Al Udeid base in Qatar, which hosts the Middle East headquarters for the U.S. Central Command, the organization that oversees the American military in the region. The U.S. has around 9,000 service members in Qatar and 50,000 in the Middle East. Qatar said the Iranian missile barrage was intercepted and the base had been evacuated in advance. Iran's move on Monday appeared to be "a largely symbolic retaliation,' said Ziad Daoud, Bloomberg Economics' chief emerging-market economist. "Plenty of warning was given — Qatar shut its airspace and the U.S. issued warnings to citizens' in the gas-rich country. The remnants of an intercepted Iranian missile lie on the pavement near the U.S. Al Udeid Air Base after a strike following American attacks on Iran nuclear sites. | AFP-JIJI While Iranian state TV said the missile barrage "forced a ceasefire on the enemy,' some Iranian officials also suggested the move had a performative element to it. The number of missiles fired matched the number of bombs deployed by the U.S. against the nuclear sites. Iran was quick to say that Qatar, which has strong relations with Tehran as well as Washington, was a "friendly and brotherly country.' A diplomat briefed on the talks said Trump had spoken with Qatari Emir Sheikh Tamim bin Hamad and informed him the U.S. got Israel to agree to a ceasefire. Trump asked the Qatari leader for help persuading Iran to do the same. Iran later agreed, according to the diplomat, who asked not to be identified discussing private conversations. Trump went as far as predicting that a peace agreement between Israel and Iran would be long-lasting, despite decades of enmity between them. "I think the ceasefire is unlimited — it's going to go forever,' Trump said, adding that he sees the war as being completely finished and does not believe Israel and Iran "will ever be shooting at each other again.' Many questions remain, including the state of Iran's uranium stockpile and whether any ceasefire will lead to discussions about Tehran's nuclear program. The Islamic Republic, which has denied it's seeking an atomic weapon, has refused to give up the right to enrich uranium, a condition the U.S. has insisted upon. Iran says it needs to process uranium at least to the low level needed for civilian purposes such as fueling nuclear power plants. Yet the West and Arab states are wary because it's enriched uranium almost to the levels needed to build a bomb, without explaining why. Israel said its war against Iran was to prevent the country from acquiring atomic weapons, a risk also cited by Trump to justify U.S. involvement. Netanyahu's government has also said it aimed to destroy Iran's stockpiles of ballistic missiles and its launch sites. While Israel has denied it is not seeking to topple the theocratic government of Supreme Leader Ayatollah Ali Khamenei, it's officials have said its attacks could bring about such a situation. For now, there's little that will happen. Speaking to Fox News after Trump announced the ceasefire, U.S. Vice President Vance said that the U.S. bombing over the weekend had met its objectives. "We know that they cannot build a nuclear weapon,' Vance said, adding that Iran's existing stock of highly enriched uranium was "buried' by the attack. International monitors have said they don't know where that material is after Iran said earlier this month it would move it. "If Iran is desperate to build a nuclear weapon in the future, then they're going to have to deal with a very, very powerful American military,' Vance said.
Japan Today
2 hours ago
- Japan Today
Iranian missile strikes kill 4 in southern Israel as ceasefire deadline is reached
Israeli soldiers and rescue team search for survivors amid the rubble of residential buildings destroyed by an Iranian missile strike that killed several people, in Beersheba, Israel, on Tuesday. Iranian state television reported Tuesday that a ceasefire had begun in its war with Israel, even as Israel warned the public of a new missile barrage launched from Iran. The launches came after 4 a.m. local time in Tehran, the time Iranian Foreign Minister Abbas Araghchi said Iran would stop its attacks if Israel ended their airstrikes. At least four people were killed in the early morning barrages, but there was no immediate word of further attacks. Israel's Magen David Adom rescue services said at least eight more people were injured in the early morning barrage as waves of missiles sent Israelis to bomb shelters for almost two hours. Trump's announcement that Israel and Iran had agreed to a 'complete and total ceasefire' came soon after Iran launched a limited missile attack Monday on a U.S. military base in Qatar, retaliating for the American bombing of its nuclear sites. Israel so far has not acknowledged the Trump ceasefire announcement. Here is the latest: Residents evacuated the impacted buildings, carrying belongings in bags and stuffed suitcases. Neighbors and family members embraced while trying to figure out where to go next. More than 9,000 Israelis have been displaced from their homes since the war with Iran began, according to the Prime Minister's Office. Yehezkiel Cheri said he was in a synagogue for morning prayers Tuesday when the first sirens went off. As he made his way into his apartment building in between waves of missiles, he felt a huge explosion. 'I saw fire in front of me, and I ran into the apartment,' he said. 'I don't think we need to continue this war. It's a shame. These are souls of God, and we need to protect each one, from every country, everyone needs to care for each person,' he said. Israel police said the barrage damaged at least three densely packed residential buildings in Beersheba. Outside, the shells of burned out cars littered the streets. Broken glass and rubble covered the area. Hundreds of emergency workers gathered to search for anyone else trapped in the buildings. Israel police said the impact of the hit was so great that some people were injured even while inside their reinforced safe rooms in each apartment. The safe rooms are meant to withstand rockets and shrapnel but not direct hits from ballistic missiles. Residents evacuated damaged building with their suitcases Tuesday morning in Beersheba. Some said they were skeptical of the ceasefire, announced by Trump. 'I don't believe the Iranians,' said Ortal Avilevich, a resident who lives five minutes away from the blast. 'I'm happy with Donald Trump and I think Iran is afraid of him, but I hope there is quiet right now.' Israel's Airports Authority said the country's airspace has reopened for emergency flights after closing earlier due to an hourslong barrage of missiles from Iran. Israeli firefighters said they retrieved four bodies from a building hit by an Iranian missile in the city of Beersheba. The direct hit in the largest city in southern Israel comes just days after the city's hospital sustained significant damage in a missile strike. The search and rescue team said they retrieved four bodies from one building in Beersheba and were searching for more. The Israel Airports Authority said the barrages from Iran forced them to close the skies to all passenger planes, including emergency flights that were expected to land and depart on Tuesday. Some flights were forced to circle over the Mediterranean Sea, according to Israeli media. Israel's airports have been closed since the war with Iran began, but a handful of emergency flights had started arriving and departing over the past few days. Israeli firefighters said they rescued at least three people, including children trapped in the rubble of an apartment building after an Iranian missile barrage struck southern Israel. In Beersheba, first responders cordoned off blocks as they tried to assess how many people had been killed and injured. The streets around the impact site were littered with glass and debris, windows were blown out of buildings as anxious neighbors stood outside their damaged houses. Iranian state television reported Tuesday that a ceasefire had begun in its war with Israel, even as Israel warned the public of a new missile barrage launched from Iran. It wasn't immediately possible to reconcile the messages from Iran and Israel on the 12th day of their war. Iranian state television announced the ceasefire in a graphic on screen, not immediately acknowledging the new missile barrage coming after the deadline set by President Donald Trump in his earlier ceasefire announcement. Israel warned of another wave of incoming missiles 20 minutes after the ceasefire was supposed to come into effect. Israel's Magen David Adom rescue services said at least three people were killed and eight injured in the early morning barrage. A residential building in Israel's south sustained heavy damage, emergency responders said. Waves of missiles sent Israelis across the country to bomb shelters for almost two hours Tuesday morning. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
The Mainichi
2 hours ago
- The Mainichi
Status of ceasefire unclear after Iranian missile barrage strikes Israel after a first deadline
BEERSHEBA, Israel (AP) -- U.S. President Donald Trump announced that Israel and Iran had agreed to a "complete and total ceasefire" soon after Iran launched a retaliatory limited missile attack on a U.S. military base in Qatar. But the status of a possible ceasefire remained tentative on Tuesday as an Iranian missile barrage struck Israel after a first deadline for the proposal. The Iranian barrages sent Israelis hurrying into bomb shelters as the sun rose, killing at least four people and injuring eight others, Israel's Magen David Adom rescue services said. Israel has yet to acknowledge Trump's proposal, which gives Israel more time to potentially strike back though Iran on its state television announced an overall ceasefire had begun at 7:30 a.m. local time. The barrage damaged at least three densely packed residential buildings in the city of Beersheba, police said. First responders said they retrieved four bodies from one building and were searching for more. Outside, the shells of burned out cars littered the streets. Broken glass and rubble covered the area. Hundreds of emergency workers gathered to search for anyone else trapped in the buildings. Police said some people were injured even while inside their apartments' reinforced safe rooms, which are meant to withstand rockets and shrapnel but not direct hits from ballistic missiles. The direct hit in the largest city in southern Israel came just days after the city's hospital sustained significant damage in a missile strike. The Israeli military said people could leave bomb shelters but cautioned the public to stay close to shelter for the coming hours. Trump says ceasefire is in effect Trump's announcement that Israel and Iran had agreed to a "complete and total ceasefire" came soon after Iran launched a limited missile attack Monday on a U.S. military base in Qatar, retaliating for the American bombing of its nuclear sites. The U.S. was warned by Iran in advance, and there were no casualties. Trump's announcement on Truth Social said the ceasefire beginning about midnight Washington time would bring an "Official END" to the war. Israel doesn't confirm ceasefire but appears to pause strikes Israel did not immediately acknowledge any ceasefire, but there were no reports of Israeli strikes in Iran after 4 a.m. in Tehran. Heavy Israeli strikes continued in Iranian cities until shortly before that time. Under the Trump plan, Israel was to halt its attacks on Iran by 1:30 p.m. Tehran time. There's been no report of Israel launching attacks against Iran since early Tuesday morning. Israel did not immediately acknowledge any ceasefire, but there were no reports of Israeli strikes in Iran after 4 a.m. in Tehran. Heavy Israeli strikes continued in Iranian cities until shortly before that time. The Israeli military declined to comment on Trump's ceasefire statement and the office of Israeli Prime Minister Benjamin Netanyahu did not immediately respond to a message seeking comment. "As of now, there is NO 'agreement' on any ceasefire or cessation of military operations," Iranian Foreign Minister Abbas Araghchi wrote in a post on X. "However, provided that the Israeli regime stops its illegal aggression against the Iranian people no later than 4 am Tehran time, we have no intention to continue our response afterwards." His message was posted at 4:16 a.m. Tehran time. Araghchi added: "The final decision on the cessation of our military operations will be made later." Writing over an hour after the first phase of the tentative ceasefire, which called for Iran to halt its attacks, Trump added: "THE CEASEFIRE IS NOW IN EFFECT. PLEASE DO NOT VIOLATE IT! DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES!" Trump describes conflict as '12 Day War' Trump gave the conflict between Israel and Iran a name: the "12 Day War." That recalls the 1967 Mideast war, known by some as the "Six Day War," in which Israel fought a group of Arab countries including Egypt, Jordan and Syria. Trump's reference carries emotional weight for the Arab world, particularly Palestinians. In the 1967 war, Israel captured the West Bank and east Jerusalem from Jordan, the Gaza Strip and the Sinai Peninsula from Egypt, and the Golan Heights from Syria. Though Israel later gave the Sinai back to Egypt, it still holds the other territories. Trump communicated directly with Israeli Prime Minister Benjamin Netanyahu to secure the ceasefire, according to a senior White House official who insisted on anonymity to discuss the Monday talks. Vance, Secretary of State Marco Rubio and special envoy Steve Witkoff communicated with the Iranians through direct and indirect channels. The White House has maintained that the Saturday bombing helped get the Israelis to agree to the ceasefire and that the Qatari government helped to broker the deal. It's unclear what role Ayatollah Ali Khamenei, Iran's leader, played in the talks. He said earlier on social media that he would not surrender. Attacks from Iran forces temporary closure of Israel's skies Israel's Airports Authority said Iran's barrage forced them to close the country's airspace to emergency flights for several hours. Some flights were forced to circle over the Mediterranean Sea, according to Israeli media. Israel's airports have been closed since the war with Iran began, but a handful of emergency flights started arriving and departing over the past few days. By early Tuesday, Qatar Airways resumed its flights after Qatar shut down its airspace over the Iranian attack on Al Udeid Air Base. Flight-tracking data showed commercial aircraft again flying in Qatari airspace, signaling Doha believed the threat on the energy-rich nation had passed. Conflict has killed hundreds In Israel, at least 24 people have been killed and more than 1,000 wounded in the war. Israeli strikes on Iran have killed at least 974 people and wounded 3,458 others, according to the Washington-based group Human Rights Activists. The group, which has provided detailed casualty figures from Iranian unrest such as the protests surrounding the death of Mahsa Amini in 2022, said of those killed, it identified 387 civilians and 268 security force personnel. The U.S. has evacuated some 250 American citizens and their immediate family members from Israel by government, military and charter flights that began over the weekend, a State Department official said. There are roughly 700,000 American citizens, most of them dual U.S.-Israeli citizens, believed to be in Israel.
