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Trump’s Media in talks to buy Bakkt, boosts stock
Trump’s media platform is said to be in advanced negotiations to acquire Bakkt, a cryptocurrency trading company.
According to two sources familiar with the discussions, the Financial Times reported on Monday.
The announcement caused the stock prices of both companies to surge.
Trump Media, predominantly owned by President-elect Donald Trump, surged by over ten percent shortly after the release of the FT article.
The organization, which runs the Truth Social application and is listed on the Nasdaq as DJT, ended the day with a more than 16% increase.
Bakkt shares, formed by Intercontinental Exchange, are being traded.
The New York Stock Exchange owner saw a significant increase of over 162% with multiple trading halts due to volatility.
Kelly Loeffler, who formerly served as CEO of Bakkt, now holds the position of co-chair of Trump’s inauguration committee.
Loeffler, who is wed to Intercontinental Exchange CEO Jeffrey Sprecher, stepped down as Bakkt’s chief in 2019 after Georgia Gov. Brian Kemp chose her to fill the U.S. Senate seat left empty by Sen. Johnny Isakson, who retired for health reasons.
Loeffler lost to Democratic Sen. Raphael Warnock in a special election runoff for her Senate seat.
Trump Media has experienced significant fluctuations in market value, increasing and decreasing by billions of dollars leading up to the 2024 presidential election, due to retail investors speculating on the Republican’s momentum and political future.
Trump’s Market Capitalization
Despite a net loss of $363 million on revenues of only $2.6 million, Trump Media has a market capitalization exceeding $7 billion.
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