Trump Media and Technology Group Corp. (Nasdaq: DJT) (“TMTG”), operator of the social media platform Truth Social and the video streaming platform Truth+, is announcing that the company’s board of directors has 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. In addition to traditional investment vehicles, these funds may be allocated to:
Customized separately managed accounts (“SMAs”);
Customized exchange-traded funds (“ETFs”);
Bitcoin and similar cryptocurrencies or crypto-related securities.
The SMAs will be developed in partnership with Charles Schwab, which would also broadly advise on TMTG’s Truth.Fi investments and strategy. An affiliate of Yorkville Advisors (“Yorkville”) would serve as the Registered Investment Adviser for investment vehicles and financial products, which are expected to focus on investments in American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy.
“We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies,” said TMTG CEO and Chairman Devin Nunes. “Truth.Fi is 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.”
The Company anticipates that Truth.Fi products and services, including multiple investment vehicles, will be rolled out in 2025 as new agreements are consummated, funding levels are determined, and any necessary approvals by financial regulators are secured.
