By Emily Dattilo
Trump Media & Technology Group announced Wednesday that its board approved a financial services and financial technology strategy, which will include the launch of a brand called Truth.Fi.
Shares of the company, which is majority owned by President Donald Trump and trades under ticker symbol "DJT," gained 17% to $35.09 in premarket trading.
"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," Trump Media said in a press release.
The funds may be allocated to traditional investment vehicles, customized separately managed accounts, customized exchange-traded funds, Bitcoin and similar cryptocurrencies.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 29, 2025 09:02 ET (14:02 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.