Photo credit: www.cnbc.com
Trump Media Expands into Financial Services with Truth.Fi
In a significant development, Trump Media and Technology Group formally announced its foray into financial services on Wednesday, establishing a division named Truth.Fi focused on various investment offerings.
This strategic expansion follows a surge in the company’s stock, with shares of the parent firm, trading under the ticker DJT, experiencing a rise of over 15% in premarket trading.
According to a press release, the initial capital injection for Truth.Fi will amount to as much as $250 million, which will be secured with Charles Schwab. This funding will be directed towards a range of investment products, including tailored exchange-traded funds and cryptocurrencies.
TMTG CEO Devin Nunes emphasized the alignment of Truth.Fi with the broader goals of Truth Social, stating, “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.” He elaborated that the initiative is part of a larger vision to develop a comprehensive ecosystem that empowers individuals to shield themselves from perceived threats such as cancellation, censorship, debanking, and invasions of privacy by large technology companies and progressive corporations.
While specific details about the types of investment vehicles Truth.Fi will offer were not disclosed, it was indicated that Schwab would provide broad advisory services to guide the investment strategies of the new division.
This announcement is particularly noteworthy in the context of rising tensions between conservatives and large financial institutions. Recently, Trump publicly addressed these issues during a remote appearance at the World Economic Forum held in Davos, Switzerland. He voiced concerns to Bank of America CEO Brian Moynihan regarding the bank’s treatment of conservative clientele, stating, “I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business within the bank.” His remarks also included criticism directed at Jamie Dimon, CEO of JPMorgan Chase.
The ongoing friction underscores a broader narrative, as some Republican officials have accused major banks of discriminatory practices against customers based on political and religious beliefs. In light of these allegations, several state attorneys general have initiated complaints against these banks, asserting that they have engaged in such discriminatory behavior, claims which bank officials have denied.
Similar sentiments have emerged from the cryptocurrency community, which has been supportive of Trump during his time in office and expresses concerns about the challenges of navigating banking systems that may not be favorable to their interests.
This is breaking news. Please refresh for updates.
Source
www.cnbc.com