Trump Media: Investors to fund bitcoin reserve through share purchases

President Trump’s media company said Tuesday that institutional investors will buy $2.5 billion in the company’s stock with the proceeds going to build up a bitcoin reserve.

About 50 institutional investors will put up $1.5 billion in the private placement for common shares in the company and another $1 billion for convertible senior notes, according to Trump Media and Technology Group, the operator of Truth Social and other companies.

Trump Media said it intends to use the proceeds for the creation of a “bitcoin treasury.”

Shares of Trump Media & Technology Group Corp., based in Sarasota, Fla., tumbled 9%.

Other companies have adopted similar strategies through cryptocurrency. Cloud and mobile software developer MicroStrategy Inc. has built up a treasury reserve containing billions worth of bitcoin through stock sales and debt financing.

American is first foreign CEO of 7-Eleven

Stephen Hayes Dacus was approved Tuesday to be the new chief executive of the operator of 7-Eleven, the first foreigner to lead the Japanese convenience store chain.

The American with a Japanese mother was appointed earlier this year to be chief executive of Seven & i Holdings Co., which operates the stores.

An acquisition proposal by Alimentation Couche-Tard of Canada, which the company has so far rejected, was not up for vote at the shareholders’ meeting. The companies are discussing the proposal and Seven & i is conducting an internal study.

Dacus has promised further growth for the business, which has been widening its overseas appeal. The 7-Eleven chain is the biggest convenience store chain in the U.S. But some analysts say there are challenges in the Japanese market, where the population is rapidly aging and competition is fierce.

Fluent in Japanese and English, Dacus previously worked at Walmart, Japanese clothing chain Uniqlo and other retailers. Shareholders appeared to have high hopes for his leadership and the rest of the new team that also won their approval.

The 7-Eleven stores in Japan sell everything from ice cream to batteries to health needs and hot meals. Some stores allow customers to pay utility bills or use the copier machine.

Tesla’s monthly sales in Europe plunge

Tesla sales across Europe plunged by half last month even as growth in the electric car market picked up pace, according to data released Tuesday.

The numbers are the latest indication of how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk over his far-right views. Sales of Tesla vehicles in 32 European countries tumbled 49% to 7,261 in April from 14,228 in the same month the previous year, according to the figures released by the European Automobile Manufacturers’ Association.

At the same time, sales of battery-electric vehicles by all manufacturers rose about 28%. Meanwhile, sales of gasoline and diesel powered cars slumped.

The figures, which cover the European Union’s 27 member countries and five other nations outside the bloc, back up early data from Sweden, the Netherlands and Denmark released at the start of this month that had pointed to a sales collapse.

Tesla has been reeling from protests and boycotts over Musk wading into politics, but it also faces other factors including an aging model lineup and intensifying competition from rival electric vehicle brands.

Compiled from Associated Press reports.