Trump Media Launches Truth.Fi FinTech Brand, Plans $250 Million Investment

Trump Media and Technology Group has announced the launch of Truth.Fi, a new financial services and FinTech brand aimed at diversifying its holdings and expanding into the cryptocurrency market. The company plans to allocate up to $250 million of its approximately $700 million cash reserves into various investment vehicles, including Bitcoin, cryptocurrencies, exchange-traded funds, and separately managed accounts, in partnership with Charles Schwab. This initiative comes as the firm seeks to bolster its market presence and appeal to 'American patriots' while supporting sectors aligned with its principles. The announcement resulted in a 16% surge in the company's stock price. Despite the growth potential, Truth Social has struggled financially, reporting only $1 million in revenue for the third quarter of 2024. The venture into FinTech is seen as a critical diversification strategy for the company.