Shares of Donald Trump’s media company, Trump Media & Technology Group (TMTG), experienced a significant surge in pre-market trading, jumping 15% following the announcement of its expansion into the financial technology sector. The company revealed plans for the launch of Truth.Fi, a new brand focused on financial services, including investments in cryptocurrencies.
The move is likely to raise further scrutiny regarding potential conflicts of interest, as Trump has previously faced criticism for his involvement in cryptocurrency ventures. Concerns have been voiced by ethics officials and presidential experts, especially in light of Trump’s pledge to establish the U.S. as a global hub for crypto.
Despite struggling to compete with established social media platforms like Facebook, Instagram, and X, Trump Media has benefited from its status as a “meme stock,” accumulating tens of millions of dollars since its public debut last year. The company, with Trump as the majority owner, intends to introduce “multiple investment vehicles” under the Truth.Fi brand this year.
Devin Nunes, CEO of Trump Media, stated, “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. Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by big tech and woke corporations.”
