Vanguard, BlackRock Buy Into Trump Media Firm
Institutional Investors Acquire Large Positions
Investors Gain Interest in Former President's Media Venture
A group of institutional investors have taken significant positions in Trump Media & Technology Group (TMTG), the parent company of former President Donald Trump's social media platform, Truth Social. Vanguard Group, BlackRock, and other undisclosed investors have acquired large stakes in the company.
Vanguard Group, one of the world's largest asset managers, initiated a new position with nearly 29 million shares of TMTG. BlackRock, another financial giant, also reported a second-quarter stake in the company. The size of BlackRock's position has not been disclosed.
This investment from institutional investors is a significant development for TMTG, which launched Truth Social in February 2022. The platform has faced challenges in gaining users and attracting advertisers, but it now has the backing of some of the world's largest investors.
The investment by Vanguard and BlackRock could be a sign that institutional investors are becoming more confident in TMTG's long-term prospects. The platform has a loyal following among Trump supporters, and it is likely to benefit from his continued influence in the Republican Party.
However, TMTG still faces challenges. The platform has been criticized for its lack of content moderation, and it has been the subject of several lawsuits. It is unclear whether the company will be able to attract a wider audience and become a viable competitor to other social media platforms.
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