Truth Social Launches Truth.Fi for Financial Products
Truth Social, the social media platform founded by Donald Trump, is expanding into financial services with the launch of Truth.Fi. This division will provide financial products to Truth Social's millions of users.
Truth.Fi will offer customized separately managed accounts, exchange-traded funds (ETFs), and cryptocurrencies including Bitcoin. The company has partnered with Schwab for investment advice and strategy.
Targeting the 'Patriot Economy'
Truth Social CEO Devin Nunes emphasized that Truth.Fi is aimed at "American patriots" who seek protection against censorship and discrimination by Big Tech and corporations.
Following Trump Coin Success
The launch of Truth.Fi comes shortly after the successful launch of Trump's own cryptocurrency, $Trump, which generated billions in paper gains for the former president.
Investment Focus
Truth Social's financial investments will concentrate on American growth, manufacturing, and energy companies, as well as businesses that support the "Patriot Economy."
Initial Funding and Future Plans
Truth Social has allocated $250 million to Truth.Fi, which will be managed by Schwab. This funding will support various investments and financial products.
Market Reaction
Shares of Truth Social surged by 13% on the day of the announcement, while Schwab's stock increased by 1%. Donald Trump indirectly owns around 60% of Truth Social shares through a trust.