Trump Media and Technology Group Receives Shareholder Approval for Florida Relocation
October 7, 2023 – Trump Media and Technology Group (TMTG), the parent company behind the Truth Social app and other financial products, has secured approval from shareholders to relocate its incorporation from Delaware to Florida. In a decisive vote at its annual general meeting, approximately 136 million shareholders backed the proposal, while only around 270,000 opposed it.
This move is part of TMTG’s strategy to operate in a jurisdiction perceived as more favorable for its business operations. Additionally, shareholders approved a plan to incrementally increase the share pool by 5% yearly, beginning in 2026 and continuing until 2034. This plan could ultimately add around 11 million shares to the authorized pool, contingent on outstanding shares each year.
The meeting also resulted in the ratification of Semple, Marchal & Cooper, LLP as TMTG’s designated auditor, reinforcing the company’s governance structure as it evolves.
CEO Devin Nunes has emphasized the company’s focus on future product rollouts, which include a “red check” verified status for subscribers of the Truth Plus streaming service and new financial offerings, such as separately managed accounts (SMAs) and exchange-traded funds (ETFs) under the Truth.Fi brand. These initiatives are part of a broader “America-first” theme aimed at boosting the platform’s appeal.
Despite these developments, TMTG has not yet demonstrated significant financial success, reporting only $3.6 million in sales for the previous year. After accounting for deferred revenue, actual billings were approximately $200,000, highlighting the company’s continuing need for growth and revenue generation.
This approval marks a pivotal shift for TMTG as it seeks to enhance its operational framework and expand its product offerings in a competitive market.
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