Trump Media shares surge after company expands into financial services
Check out what’s clicking on FoxBusiness.com.
Shares of Trump Media, the parent of social media app Truth Social, surged on Tuesday after announcing plans to expand into financial services.
The company’s stock climbed as much as 17% in premarket trading on the news.
Trump Media said in a press release that its board approved an investment of up to $250 million to be custodied by Charles Schwab. The move serves as a way to diversify its cash reserves, which exceeded $700 million at the end of 2024.
“We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies,” said TMTG CEO Devin Nunes. “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.”
Trump Media’s financial services aim to offer investment opportunities to support what it calls the “Patriot economy.” (Anna Barclay/Getty Images / Getty Images)
“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,” he added.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DJT | TRUMP MEDIA & TECHNOLOGY GROUP CORP | 32.07 | +2.03 | +6.76% |
The Sarasota, Florida-based company said it plans to allocate these funds into various investment options, including exchange-traded funds (ETFs), separately managed accounts, bitcoin and other similar cryptocurrencies.
A LOOK AT THE TRUMP FAMILY’S BUSINESS EMPIRE
Devin Nunes, CEO of Truth Social, appears during the Conservative Political Action Conference in Dallas on Aug. 5, 2022. (Dylan Hollingsworth/Bloomberg via Getty Images / Getty Images)
The company said that it expects its various Truth.Fi products and services, including multiple investment vehicles, will be rolled out in 2025 as new agreements are consummated, funding levels are determined and any necessary approvals by financial regulators are approved.
TMTG said in a release that its investment vehicles and financial products “are expected to focus on investments in American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Reuters contributed to this report.
Read More: Trump Media shares surge after company expands into financial services