Trump Media launches Truth.Fi, a financial services arm focusing on crypto, ETFs, and the Patriot Economy.
Trump Media Expands Into Finance
Trump Media is stepping into financial services, introducing Truth.Fi, a division dedicated to crypto, ETFs, and investment vehicles. The company plans to allocate up to $250 million to these efforts, with funds custodied by brokerage firm Charles Schwab.
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Stock Surges Following Announcement
Shares of Trump Media, trading under the ticker DJT, rose 6.8% after the announcement. Former President Donald Trump indirectly holds 114,750,000 shares of the company through a revocable trust.
Truth.Fi’s Investment Strategy
According to a news release, Truth.Fi will focus on American manufacturing, energy, and growth sectors. The initiative aligns with Trump Media’s goal of supporting investments that promote the “Patriot Economy.” While specific investment vehicles remain undisclosed, Charles Schwab will broadly advise on strategy.
CEO Devin Nunes on Expansion
“Truth.Fi is a natural expansion of the Truth Social movement,” said Trump Media CEO Devin Nunes. “Developing America First investment vehicles is another step toward protecting patriots from cancellation, censorship, and debanking by Big Tech and woke corporations.”
Political Backdrop and De-Banking Debate
The move comes amid Republican claims that major banks discriminate against conservative customers. Trump recently criticized Bank of America and JPMorgan Chase, urging them to open their services to conservatives. The de-banking issue has also resonated within the crypto community, which has aligned with Trump.
Potential Competition With Musk’s X
Truth.Fi’s launch follows Elon Musk’s X announcing a deal with Visa to expand its financial services. Musk, a close advisor to Trump, is also positioning X as a financial platform, potentially setting up competition between the two ventures.
Trump Memecoin’s Precedent
The announcement follows the Trump memecoin launch, which generated significant on-paper gains for the Trump Organization. This expansion into financial services signals a broader push into decentralized finance and investment products.
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