Trump Media\u00a0is reportedly in \u201cadvanced talks\u201d to buy the cryptocurrency trading firm\u00a0Bakkt, the Financial Times\u00a0reported\u00a0Monday, citing two people with knowledge of the talks.<\/p>\n
The news sent shares of both companies soaring.<\/p>\n
Trump Media, which is majority-owned by President-elect\u00a0Donald Trump, shot up by double digits minutes after the FT report was published.<\/p>\n
The company, which operates the Truth Social app and trades on the Nasdaq as DJT, closed more than 16% higher.<\/p>\n
Shares of Bakkt \u2014 which was created by\u00a0Intercontinental Exchange, the owner of the New York Stock Exchange \u2014 skyrocketed more than 162% amid repeated\u00a0trading halts\u00a0due to volatility.<\/p>\n
Kelly Loeffler, a previous CEO of Bakkt, is the co-chair of Trump\u2019s inauguration committee.<\/p>\n
Loeffler, who is married to Intercontinental Exchange CEO Jeffrey Sprecher, left as Bakkt\u2019s top executive in 2019 when Georgia Gov. Brian Kemp appointed her to the U.S. Senate seat vacated by Sen. Johnny Isakson, who resigned due to health reasons.<\/p>\n
Loeffler was defeated by Democratic Sen. Raphael Warnock in a runoff for a special election for her Senate seat.<\/p>\n
Trump Media has seen its market value rise and fall by billions of dollars in the run-up to the 2024 presidential election, as retail investors bet on the Republican\u2019s momentum and political prospects.<\/p>\n
While Trump Media has reported a\u00a0$363 million net loss\u00a0on revenues of just $2.6 million so far this year, it boasts a market cap above $7 billion.<\/p>\n
A Trump Media spokeswoman did not immediately respond to CNBC\u2019s request for comment.<\/p>\n<\/p>\n
Trump Media\u00a0is reportedly in \u201cadvanced talks\u201d to buy the cryptocurrency trading firm\u00a0Bakkt, the Financial Times\u00a0reported\u00a0Monday, citing two people with knowledge of the talks. The news sent shares of both companies soaring. Trump Media, which is majority-owned by President-elect\u00a0Donald Trump, shot up by double digits minutes after the FT report was published. The company, which operates […]<\/p>\n","protected":false},"author":0,"featured_media":12426,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/12425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=12425"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/12425\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/12426"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=12425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=12425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=12425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}