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Former US President Donald Trump’s Truth Social is broadening its horizons beyond social media with the introduction of a new financial services venture. The company has unveiled plans to invest up to £250 million in cryptocurrency and other assets through its latest initiative, Truth.Fi.
Trump Media and Technology Group (TMTG), where the former president maintains a majority shareholding, made the announcement on Wednesday. The new platform aims to diversify its investment portfolio across bitcoin, other cryptocurrencies, and traditional assets. The news triggered an immediate 10 per cent surge in TMTG shares during early New York trading.
The company’s strategic vision for Truth.Fi encompasses investments in American growth, manufacturing, and energy companies, with a particular emphasis on strengthening what it terms the “Patriot Economy”. This move aligns with Trump’s recent vocal support for the cryptocurrency industry during his campaign and presidency.
TMTG’s chief executive, Devin Nunes, characterised Truth.Fi as a “natural expansion of the Truth Social movement”, positioning it as a safeguard for American patriots against what he described as threats of cancellation, censorship, and debanking by “Big Tech and woke corporations”.
Charles Schwab, the prominent brokerage firm, has been appointed as the custodian of Truth.Fi’s assets and will provide broad advisory services for its investment strategy. While Schwab currently does not facilitate direct cryptocurrency trading, recent regulatory changes by the Securities and Exchange Commission have paved the way for traditional banks to hold crypto assets for clients.
The timing of this announcement is particularly noteworthy, coming just one day after Elon Musk’s X platform revealed its partnership with Visa to launch X Money Account, a new financial services platform. These developments signal an intensifying convergence between social media platforms and financial services in the digital age.
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