Donald Trumpās 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 TMTGāowner of the Truth Social platformāup 15% in pre-market trading on Wednesday.
Under the Truth.Fi banner, TMTG says it will invest up to $250m in investment accounts and āBitcoin and similar cryptocurrencies or crypto-related securitiesā. The funds will be managed by the brokerage Charles Schwab.
The move is likely to spark fresh scrutiny over conflict of interest concerns, given Trumpās 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 āshamefulā.
TMTG has thus far struggled to build a social network that can rival the likes of Meta Platformsā 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 āmeme stockā.
According to Wednesdayās statement, TMTG, which is majority-owned by Trump, plans to roll out āmultiple investment vehiclesā under the Truth.Fi label in the coming months. Devin Nunes, chief executive of TMTG, hailed the new venture as a ānatural expansion of the Truth Social movementā, adding that Truth.Fi will help āAmerican patriotsā protect themselves from what he labelled ācancel cultureā and ābig tech censorshipā.
