Trump Media turns to cryptocurrency with new truth.fi venture

Donald Trump’s social media venture, Trump Media & Technology Group (TMTG), has unveiled plans to expand into cryptocurrency and fintech services through a new brand dubbed Truth.Fi.

The announcement sent shares in TMTG—owner of the Truth Social platform—up 15% in pre-market trading on Wednesday.

Under the Truth.Fi banner, TMTG says it will invest up to $250m in investment accounts and “Bitcoin and similar cryptocurrencies or crypto-related securities”. The funds will be managed by the brokerage Charles Schwab.

The move is likely to spark fresh scrutiny over conflict of interest concerns, given Trump’s position as US president. The president was criticised last week for launching a multibillion-dollar meme coin on the eve of his inauguration, with former government ethics officials describing the timing as “shameful”.

TMTG has thus far struggled to build a social network that can rival the likes of Meta Platforms’ Facebook and Instagram, or X, owned by Elon Musk. Even so, the company has managed to raise tens of millions since it went public last year, buoyed by its status as a so-called “meme stock”.

According to Wednesday’s statement, TMTG, which is majority-owned by Trump, plans to roll out “multiple investment vehicles” under the Truth.Fi label in the coming months. Devin Nunes, chief executive of TMTG, hailed the new venture as a “natural expansion of the Truth Social movement”, adding that Truth.Fi will help “American patriots” protect themselves from what he labelled “cancel culture” and “big tech censorship”.

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Trump Media turns to cryptocurrency with new truth.fi venture