Trump Media and Technology Group (TMTG) is expanding into financial services with a new division called Truth.Fi.
Announced on January 29, this decision will introduce investment products, including customized exchange-traded funds (ETFs) and cryptocurrency services. The company is working with Charles Schwab to manage its financial offerings.
Truth.Fi will start with up to $250 million, which will be held by Charles Schwab. The funds will be used for various investment options. According to the company, the focus will be on US industries like manufacturing, energy, and other areas that support national economic growth.
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TMTG CEO Devin Nunes described the expansion as a logical next step. He said:
Truth.Fi is a natural extension of the Truth Social movement. We began with a free-speech social media platform, added a fast TV streaming service, and now we’re moving into finance.
Nunes also stated that the platform aims to offer investment choices that protect users from issues like account closures and financial restrictions, which he attributes to large banks and tech companies.
Following the announcement, shares of TMTG, which trade under the ticker DJT, rose by over 10% in early trading. US President Donald Trump indirectly holds more than 114 million shares through a trust.
Meanwhile, Tuttle Capital Management recently submitted fillings to the US Securities and Exchange Commission (SEC) for a new range of ETFs. What are they? Read the full story.
