Trump Media surges after expansion into financial services including crypto and ETFs
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Trump Media and Technology Group is expanding into financial services, including investment vehicles, the firm announced Wednesday.
Shares of the Truth Social parent company, which trade under the ticker DJT, jumped more than 10% in morning trading. President Donald Trump indirectly owns 114,750,000 shares of the company, held in a revocable trust.
The financial services division will be known as Truth.Fi, and it will be started with up to $250 million from the company that will be custodied with brokerage firm Charles Schwab, according to a news release. That money will be allocated to customized exchange-traded funds and cryptocurrencies, among other investment vehicles.
The company said it expects to launch products and services, including its own investment vehicles, later this year.
«Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we're moving into investment products and decentralized finance,» TMTG CEO and Chairman Devin Nunes said in the release.
«Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations,» added Nunes, a former congressman from California.
The release did not specify what types of investment vehicles Truth.Fi would offer, but said Schwab would «broadly advise» the company's investments and strategy. The products would focus on «American growth, manufacturing, and energy companies as well as investments that strengthen the
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