By Denny Jacob
President Donald Trump's media company is moving forward with plans to create a strategic acquisition fund that aims to buy, merge or partner with companies that support the president's America-First policies.
The parent company of Trump's Truth Social platform said the venture will be backed by select partners. Trump Media & Technology Group is looking for companies that would benefit from the company's technology and branding, and have the ability to function autonomously should the company amass a collection of subsidiaries. Board members voted to authorize the move Friday.
"We're hoping to expand our tech footprint even as we branch out into finance and other industries," said Chairman Devin Nunes.
Trump Media & Technology Group earlier in the year applied for trademarks for a series of exchange-traded funds and separately-managed accounts with plans to launch them from this year onward. The expansion into finance opens the door to offering Trump-endorsed investments to everyday Americans.
Shares rose 2.9% to $28.65 in premarket trading. The stock is down around 44% over the last year.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 21, 2025 08:53 ET (13:53 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.