Donald Trumpâs social media venture, Trump Media & Technology Group (TMTG), has unveiled plans to expand into cryptocurrency and fintech services through a new brand dubbed Truth.Fi.
The announcement sent shares in TMTGâowner of the Truth Social platformâup 15% in pre-market trading on Wednesday.
Under the Truth.Fi banner, TMTG says it will invest up to $250m in investment accounts and âBitcoin and similar cryptocurrencies or crypto-related securitiesâ. The funds will be managed by the brokerage Charles Schwab.
The move is likely to spark fresh scrutiny over conflict of interest concerns, given Trumpâs position as US president. The president was criticised last week for launching a multibillion-dollar meme coin on the eve of his inauguration, with former government ethics officials describing the timing as âshamefulâ.
TMTG has thus far struggled to build a social network that can rival the likes of Meta Platformsâ Facebook and Instagram, or X, owned by Elon Musk. Even so, the company has managed to raise tens of millions since it went public last year, buoyed by its status as a so-called âmeme stockâ.
According to Wednesdayâs statement, TMTG, which is majority-owned by Trump, plans to roll out âmultiple investment vehiclesâ under the Truth.Fi label in the coming months. Devin Nunes, chief executive of TMTG, hailed the new venture as a ânatural expansion of the Truth Social movementâ, adding that Truth.Fi will help âAmerican patriotsâ protect themselves from what he labelled âcancel cultureâ and âbig tech censorshipâ.
