This illustration shows an image of President-elect Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, D.C., on Feb. 21, 2022.
Stefani Reynolds | AFP | Getty Images
Trump Media and Technology Group announced Wednesday that it is expanding into financial services, including investment vehicles.
Shares of the Truth Social parent company, which trade under the ticker DJT, jumped more than 15% in premarket trading.
The financial services division will be known as Truth.Fi, and it will be started with up to $250 million from the company that will be custodied with Charles Schwab, according to the press release. That money will be allocated to customized exchange traded funds and cryptocurrencies, among other investment vehicles.
The company said it expects to launch products and services, including its own investment vehicles, later this year.
"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," said TMTG CEO and Chairman Devin Nunes in the press release. "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."
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