Trump Media & Technology Group Eyes Financial Services Expansion
Trump Media & Technology Group (DJT) shares surged by 12% upon announcing plans to venture into financial services, including cryptocurrency funds and customized exchange-traded funds.
The company will invest $250 million in the initiative under the brand name Truth.Fi. Charles Schwab will serve as custodian for the investment and provide advisory services.
Trump Media, known for its Truth Social and Truth+ platforms, has a market capitalization of approximately $7.2 billion. President Trump holds a 53% stake, valued at $3.8 billion.
Following his ban from social media giants in the aftermath of the Capitol riots, Trump launched Truth Social. Despite his reinstatement on major platforms, he actively posts on Truth Social.
Despite a net loss of $19.25 million and revenue of $1.01 million in Q3 2022, DJT shares have gained 5% in the past six months. They currently trade around $33.