The social media company of Donald Trump, Trump Media & Technology Group (TMTG), has unveiled plans to expand to cryptocurrency and fintech services via a new brand of re -synchronized truth.fi.
The announcement sent shares in TMTG owner of the Truth Social Platform-on Wednesday 15% in pre-market trade.
Under the Truth.fi Banner, TMTG says that it will invest up to $ 250 million investment accounts and “bitcoin and similar cryptocurrencies or crypto-related effects”. The funds are managed by the broker Charles Schwab.
The move will probably cause a new investigation about the concerns of conflicts of interest, given the position of Trump as the American president. The president was criticized last week for launching a meme coin of billions of dollars on the eve of his inauguration, in which former government ethics officers describe the timing as “shameful”.
So far, TMTG has difficulty building a social network that can compete with Facebook and Instagram, or X, owned by Elon Musk. Nevertheless, the company has succeeded in picking up tens of millions since it became public last year, stimulated by its status as a so-called “meme shares”.
According to Wednesday’s statement, TMTG, that the majority is in the hands of Trump, is planning to roll out “multiple investment vehicles” under the Truth.fi label in the coming months. Devin Nunes, Chief Executive of TMTG, greeted the new company as a “natural expansion of the truth of the truth of social movement”, adding that the truth will help to protect “US patriots” against what he “cancel” and ” Big Tech censorship ”.