On January 29, Trump Media & Technology Group announced the creation of a financial service, Truth.Fi, targeting crypto and ETFs.
TMTG's Major Moves in Finance
DJT shares rose by 9% following the Truth.Fi announcement. The company invests $250 million, with Charles Schwab managing custody. Donald Trump indirectly holds 114,750,000 shares, associating him with DJT's performance. CEO Devin Nunes noted Truth.Fi as a natural extension of the Truth Social ecosystem.
Conservative Sentiments and Challenges
The Truth.Fi announcement coincided with Donald Trump's comments at the World Economic Forum in Davos. He accused banks like Bank of America and JPMorgan Chase of denying services to conservative clients.
Competition with Other Platforms
Truth.Fi's launch positions it against Elon Musk's X, which partners with Visa to extend financial services. Notably, several online stores have begun accepting the TRUMP meme coin for payments.
TMTG's expansion into financial services strengthens its position amid political and economic challenges. Time will reveal how Truth.Fi impacts the market.
