Key Takeaways
- Trump Media launched Truth.Fi, a financial services division.
- Truth.Fi will offer ETFs, Bitcoin investments, and other financial products.
- TMTG shares surged over 10% following the announcement.
On Jan. 29, Trump Media & Technology Group (TMTG), the parent company of Truth Social, revealed plans to launch a financial services division called Truth.Fi.
The firm will be seeded with up to $250 million, custodied with Charles Schwab, and will focus on customized exchange-traded funds (ETFs), Bitcoin, and other investment products.
Leadership vision
CEO Devin Nunes described the move as a “natural expansion” of Truth Social, stating:
Developing America First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from cancellation, censorship, debanking, and privacy violations.
Political background
The announcement follows Republican concerns that major banks have unfairly restricted conservative customers.
Trump himself raised the issue with Bank of America CEO Brian Moynihan and JPMorgan CEO Jamie Dimon at the World Economic Forum in Davos.
Market response
Shares of TMTG (ticker: DJT) jumped over 10% in premarket trading following the news.
Trump indirectly holds 114,750,000 shares in the company through a revocable trust.
Industry competition
Truth.Fi enters the market as Musk’s X also expands into financial services, recently striking a deal with Visa.
