Core Insights - Trump Media and Technology Group (TMTG) is expanding into financial services with a new division called Truth.Fi, which will focus on investment vehicles [2][3] - The company plans to start with an initial investment of up to $250 million, which will be managed by Charles Schwab and allocated to customized exchange-traded funds and cryptocurrencies [2] - TMTG aims to create a robust ecosystem for American conservatives to protect themselves from perceived threats from big tech and financial institutions [3][5] Company Developments - Truth.Fi will launch products and services, including its own investment vehicles, later this year [2] - The expansion into financial services is seen as a natural progression from the company's existing offerings, which include a social media platform and a TV streaming service [3] Market Reaction - Shares of TMTG, trading under the ticker DJT, experienced a more than 15% increase in premarket trading following the announcement of the new financial services division [1]
Trump Media shares surge after announcing expansion into financial services including crypto and ETFs