MW DJT launches financial services for 'American patriots' under the name Truth.Fi
By Steve Gelsi
Operator of Truth Social media platform that's majority owned by President Donald Trump to offer separately-managed accounts and invest in crypto-securities
Trump Media and Technology Corp.'s stock was up 16% on Wednesday after the operator of President Trump's Truth Social media platform said it will offer cryptocurrency and other investments aimed at "American patriots."
Trump Media and Technology $(DJT)$ said it will its cash to set up Bitcoin (BTCUSD) , cryptocurrencies or crypto-related securities, as well as customized separately managed accounts (SMAs) and customized exchange-traded funds under the Truth.Fi name.
The company reported $700 million of cash and cash-equivalent reserves as of Dec. 31.
DJT's media arm has yet to crack the quarterly $1 million revenue mark since its stock started trading nearly a year ago through the merger with a special purpose acquisition company.
It also follows on the heels of recently launched meme-coin cryptocurrencies tied to Donald Trump and his wife, Melania Trump.
"Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations," Trump Media and Technology Chief Executive Devin Nunes said in a statement.
The Trump company, in which President Trump is far and away the top equity shareholder, on Aug. 9 reported $344 million in cash on its balance sheet, second-quarter revenue of $837,000 and a net loss of $16.4 million. It currently has a market capitalization of nearly $9 billion.
-Steve Gelsi
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January 29, 2025 09:06 ET (14:06 GMT)
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