Trump Media has announced its expansion into financial services on Wednesday, and shares jumped 6.8%. This surge is tied to the launch of Truth.Fi, a new division that will cater to American investors.
The firm will start with up to $250 million, held by brokerage giant Charles Schwab. This investment will be directed into customized exchange-traded funds (ETFs) and cryptocurrencies. The goal? To focus on “American growth, manufacturing, and energy companies,” according to the company’s release.
President Donald Trump, who indirectly owns 114,750,000 shares of the parent company through a revocable trust, is at the center of this move. Devin Nunes, CEO and Chairman of Trump Media, emphasized that Truth.Fi is a natural progression from the Truth Social platform. “We began by creating a free-speech social media platform,” he stated. “Now we’re moving into investment products and decentralized finance.”
Nunes highlighted that the new financial services aim to protect American patriots from “cancellation, censorship, debanking, and privacy violations” caused by Big Tech and woke corporations. Though the specific types of investment vehicles Truth.Fi will offer are yet to be revealed, Schwab will provide broad advice on the company’s investments and strategy.
This announcement follows rising concerns among Republicans about how banks treat conservative clients. Trump himself voiced these frustrations during a recent appearance at the World Economic Forum in Davos. He called out Bank of America’s CEO, Brian Moynihan, urging him to open the bank to conservatives. “What you’re doing is wrong,” Trump insisted, referring to the alleged de-banking of conservative customers by major banks.
These complaints are not new. A group of state attorneys general previously filed a complaint against banks for allegedly discriminating based on political and religious beliefs. Bank officials have denied any wrongdoing.
The launch of Truth.Fi comes at a time when the crypto community, which aligned with Trump during his presidency, has also faced de-banking issues. Additionally, Truth.Fi follows the earlier success of a Trump meme coin that generated significant on-paper gains for the Trump Organization.
As Trump Media ventures into this new territory, it could become a competitor to Elon Musk’s X, which recently partnered with Visa. With both figures connected, the financial landscape is set for an intriguing shift.
