Why Trump Media & Technology Group Corp (DJT) Went Down On Tuesday
We recently published a list of In this article, we are going to take a look at where Trump Media & Technology Group Corp (NASDAQ:DJT) stands against other worst-performing stocks.
Trump Media fell by 10.38 percent on Tuesday to end at $23.05 apiece as investors soured on its plans to raise $2.5 billion through the issuance of more shares to invest in Bitcoin.
According to the company, it plans to raise $1.5 billion from selling shares, while the remaining $1 billion will be raised through convertible notes priced at a 35-percent premium.
Meanwhile, the Bitcoins will be held on Trump Media & Technology Group Corp.'s (NASDAQ:DJT) balance sheet alongside existing cash and short-term investments totaling $759 million.
Crypto platforms Crypto.com and Anchorage Digital will provide custody for the Bitcoin holdings.
'We view bitcoin as an apex instrument of financial freedom,' said Trump Media & Technology Group Corp. (NASDAQ:DJT) CEO Devin Nunes.
He also hailed the move as a 'big step forward' in the firm's plan to acquire 'crown jewel assets consistent with America First principles.'
Overall, DJT ranks 2nd on our list of worst-performing stocks. While we acknowledge the potential of DJT, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DJT and that has 10,000x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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