ToplineTrump Media & Technology Group shares jumped over 7.5% Wednesday after the firm announced a foray into finance with “Truth.Fi,” a financial services and fintech brand it says will focus on investments in American manufacturing and energy companies.
Key Facts
Trump Media shares jumped 7.9% to $32.44 as of 3:33 p.m., hours after announcing Truth.Fi.
The surge marks a slight recovery for the Truth Social parent company, which slumped in price on Monday and Tuesday and sent the stock to its lowest closing price this month ($29.53).
Trump Media said Truth.Fi, its new financial services arm, will start launching products and services this year—though details on its offerings are still fairly scant.
The financial services business will be kickstarted with a $250 million investment custodied by Charles Schwab, which will also act in an advisory capacity for Truth.Fi’s investments and strategy, according to a statement.
The money will be allocated to bonds, stocks, exchange-traded funds (ETFs), bitcoin and other cryptocurrencies, with Trump Media noting the firm’s investment vehicles will be focused on “American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy.”
Trump Media characterized the launch of Truth.Fi as a step toward its goal of creating a financial ecosystem in 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.”
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Tangent
Truth.Fi’s launch follows criticisms President Donald Trump recently hurled at firms like Bank of America and JPMorgan Chase, alleging big banks discriminate against conservative clients—which the banks deny. Meanwhile, Trump’s eldest son Donald Trump Jr. is joining the board of “woke-free” e-commerce platform PublicSquare and conservative-leaning venture capital firm 1789 Capital.
Forbes Valuation
We estimate President Donald Trump’s net worth, which is largely intertwined with the performance of Trump Media’s stock, jumped $251 million to $5.8 billion Wednesday. The president’s net worth reached $7 billion in the middle of this month, when Trump Media shares jolted above $42.
Key Background
Trump Media’s stock has slid throughout January, trading down over 10% after reaching as high as $42.92 on Jan. 13. However, shares have largely remained stagnant following Trump’s election victory in November, marking a change for the stock that has experienced volatile surges and drops since Trump Media went public early last year. The president owns 114,750,000 shares of Trump Media held in a revocable trust. Trump has said he does not plan on selling his stak