Trump’s media outlets seeking M&A activities in diversification offer

(Reuters) -Tump Media & Technology Group plans to pursue possible mergers and acquisitions, said on Friday the social media signing of the President of the United States, Donald Trump, as he wants to diversify in sectors such as financial services.

The company continues “hunting the highest quality assets,” said CEO Devin Nunes in a letter to shareholders.

Trump Media, who manages the Streaming Social Streaming and the Social Networks Platform, provides for it to become a larger company for many products and services.

The company said that in April it had reached a binding agreement to deploy a series of detailed investment products, including Crypto, a development that has obtained a scrutiny from government ethics vigilantes.

The first quarter ended with $ 759 million, cash equivalents and short -term investments. The total liability from this period was $ 27.2 million.

“This amount of liquidity, together with the low operational costs of Trump Media and the low rate of cash burns, will allow him to continue all his expansion plans, including the improvement of his existing platforms, diversifying in financial and financial services, and pursuing possible mergers and acquisitions,” the company said in a statement.

In the three months ending on March 31, Trump Media’s clean sales increased more than 6% to $ 8.2 million. Its net loss also reduced to $ 31.7 million in this period.

Trump Media’s actions changed little in extensive negotiation.

(Arsheya Bajwa’s report to Bengaluru; Esilva Anil Edition)