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In the second quarter, TMTG continued to strengthen its balance sheet. As of June 30, 2024, TMTG's balance of cash and cash equivalents was $344 million with no debt. The Company believes its strong balance sheet will enable the expansion and refinement of its new TV streaming platform, Truth+, which was launched in August 2024 on the Company's custom-built content delivery network ("CDN").
The timely creation of TMTG's new CDN, and the ensuing launch of TV streaming across the Android, iOS, and Web versions of Truth Social, allowed TMTG to officially close its transaction for the streaming technology today, giving the Company the right to secure the source code in the future.
TMTG CEO Devin Nunes said, "TMTG has opened the Truth Social platform domestically and internationally, gone public on the NASDAQ, amassed a strong balance sheet with no debt, created its own hardware infrastructure and software system to operate a unique content delivery network, and launched fast, reliable, high-quality TV streaming across the whole Truth Social platform—all, in less than three years since our inception. In addition to our plans to build out Truth+ with an array of new features, we continue to explore numerous other possibilities for growth, including mergers and acquisitions. From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing."
Posted In: DJT
