Truth Social Launches Truth.Fi, Offering Financial Products for Patriots
Financial Services Division
Trump Media and Technology Group announces the launch of Truth.Fi, a financial services division. Truth.Fi aims to provide financial products to its extensive user base.
Services Offered
Truth.Fi will offer various financial products, including:
* Customized separately managed accounts
* Customized exchange-traded funds
* Bitcoin and similar cryptocurrencies or crypto-related securities
Partnership with Schwab
Truth.Fi has partnered with Schwab to provide advisory services on investments and strategy.
Target Audience
The financial services division is specifically designed for "American patriots" seeking to protect themselves from potential threats such as censorship, de-banking, and privacy violations.
Inspiration and Motivation
The launch follows the recent success of President Trump's $Trump coin and the criticism of Bank of America's actions towards conservatives.
Investment Commitment
Truth Social has allocated $250 million from its $700 million cash reserves to support the initiative through Schwab custody.
Focus on Patriot Economy
Truth Social plans to invest in American growth, manufacturing, and energy companies, as well as entities that strengthen the "Patriot Economy."
Market Reaction
The announcement positively impacted Truth Social shares, which surged 13% on Wednesday.