Trump Media and Technology Group announced its plan to expand into financial services.
The company operates the Truth Social platform.
In a press release for the announcement, the company said that its board of directors “approved a financial services and financial technology strategy, which will include the launch of the financial services and FinTech brand Truth.Fi.”
“To diversify the Company’s cash and cash-equivalent reserves of over $700 million as of December 31, 2024, the board has approved the investment of up to $250 million to be custodied by Charles Schwab,” the release noted.
Devin Nunes, CEO and Chairman of TMTG, said the company looks forward to launching Truth.Fi, calling it 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,” Nunes said.
Truth.Fi is expected to launch in 2025.
President Donald Trump recently condemned Bank of America CEO Brian Moynihan’s debanking practices in his speech during the World Economic Forum’s (WEF) annual meeting.
Trump said, “By the way, speaking of you, and you’ve done a fantastic job, but I hope you start opening your bank to conservatives because many conservatives complained that the banks are not allowing them to do business within the bank and that included a place called Bank of America.”
“They don’t take conservative business, and I don’t know if regulators mandated that because of Biden or what, but you and [J.P. Morgan Chase CEO] Jamie [Dimon] and everybody, I hope you will open your banks to conservatives, because what you are doing is wrong,” he said.
