Trump Media & Technology Group Corp., which is the parent company of Truth Social and Truth+, said it plans to venture into financial services.
According to the press release, its board of directors approved a new financial plan which includes introducing a new brand known as Truth.Fi. This is part of a plan to diversify its business and allocate its $700 million reserve.
TMTG stated that up to $250 million of its assets will be managed by Charles Schwab. The assets will be invested in separately managed accounts (SMAs), exchange-traded funds (ETFs), and Bitcoin or other cryptocurrency-based investments.
The SMAs will be created with assistance from Charles Schwab, and a Yorkville Advisors subsidiary will serve as the Registered Investment Adviser for the financial products.
Chairman and CEO Devin Nunes spoke on the importance of this step. “We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies”.
“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.” He said.
The firm said its investment will focus on American growth, manufacturing, and energy businesses, aligning with what it calls the Patriot Economy. The purpose of this effort is to provide individuals with financial options outside of banks.
Developing America 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,” Nunes added.
Shortly after the announcement, TMTG stock (DJT) rose 10% from $30.04 to $35.20. Right now, it has dipped a bit to $32.42 , according to Yahoo.
The firm confirmed that Truth.Fi investment products will roll out this year, pending the approvals and agreements that are required.
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