The Trump Media company is moving into the financial service/FinTech space. The Truth.Fi platform, announced by the company Wednesday (Jan. 29) will focus on cryptocurrency and customized exchange traded funds (ETFs).
Shares of Trump Media and Technology Group surged Wednesday morning after U.S. President Donald Trump's media company announced its first move into the world of financial services.
Shares jump 15% in pre-market trading after president's social media startup announced launch of Truth.Fi
Trump Media & Technology Group (NASDAQ: DJT), the parent company of Truth Social, has been quite a volatile stock ever since it started trading in late March of 2024.
Trump Media, the parent of Truth Social, said in a press release that its board approved an investment of up to $250 million to be custodied by Charles Schwab.
The board approves a financial services and financial technology strategy, which includes the launch of a brand called Truth.Fi.
Trump Media shares surge after announcing expansion into financial services including crypto and ETFs
Truth Social parent Trump Media and Technology Group said on Wednesday its board of directors has approved the launch of a financial services and FinTech brand Truth.Fi.
President Donald Trump's cabinet is often referred to as "The Avengers," with each member being accomplished in their field of expertise. Trump's cabinet has an overwhelming number of successful businessmen and businesswomen who were leaders in the business world prior to entering the government.
Trump Media (DJT -2.50%) stock saw a significant valuation pullback over the last week of trading. The company's share price closed out the weekly session down 18.3%, according to data from S&P Global Market Intelligence.
Facebook owner Meta has denied claims from some users that they have been "forced" to follow social media accounts belonging to the Trump administration.
Trump Media's stock heads for a fourth straight loss, and has given up everything it gained since the election.