TMTG interim CEO Kevin McGurn says the company is pulling back from a pair of Crypto.com deals to focus on its media arm and its pending merger with TAE (Sara Fischer/Axios)
Truth Social's parent company, Trump Media and Technology Group, is pulling back from a pair of Crypto.com deals as its new leadership looks …
Trump Media and Technology Group (TMTG) is pulling back from two deals with Crypto.com. The deals involved creating a $6.4 billion CRO treasury and integrating prediction markets into Truth Social, its social media platform.
TMTG interim CEO Kevin McGurn said the company will instead focus on its media arm and a pending merger with energy company TAE. According to Cointelegraph, the decision to roll back the deals was driven more by competitive dynamics rather than regulatory concerns.
The deals were initially announced in September and October of last year. The company said "prevailing market conditions and shifting business and stakeholder priorities" led to the dissolution of the treasury deal.
Brief written by urgent.news from Techmeme, Cointelegraph — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
