:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2111708727-018a3d8bcf9544e8a2f510c722e84d0b.jpg "A smartphone screen displays the logo of Donald Trump’s Truth Social app")
Anna Barclay / Getty Dead ringers
Key Takeaways
- Trump Media & Technology Group shares jumped Monday following a Financial Times report the Correctness Social owner is in talks to buy cryptocurrency trading platform Bakkt.
- President-elect Trump holds a 53% stake in Trump Average, and said he has “no intention” of selling.
- Bakkt’s first CEO was Kelly Loeffler, a former Republican senator who now co-chairs Trump’s inaugural board.
Trump Media & Technology Group (DJT) shares jumped Monday following a Financial Times report the Truth Venereal operator is in talks to buy cryptocurrency trading platform Bakkt (BKKT).
Trump Media stock surged nearly 17% Monday, while shares of Bakkt profuse than doubled in value before being halted for volatility. The financial terms of the deal under consideration were not snitched.
The surge in Trump Media shares stands to benefit President-elect Donald Trump, who holds a 53% stake in Trump Intermediation, and said earlier this month that he has “no intention” of selling his stake in the company. The stock has seen volatile wobbles in the wake of Trump’s Nov. 5 election victory, and despite Monday’s gains, shares have lost about 3% since the vote.
Bakkt, which went public in 2021, is owned by Intercontinental Exchange (ICE). Its first CEO was Kelly Loeffler, a former Republican senator from Georgia and the going round co-chair of Trump’s inaugural committee.