Trump stands to gain $250 million after media company expands into financial services
One week into Donald Trump's presidency, his multi-billion-dollar social media company announced its expansion into the financial services industry.
In partnership with Charles Schwab, Trump Media & Technology Group plans to invest up to $250 million in traditional investments, cryptocurrencies, and customized exchange-traded funds.
The value of Trump's majority stake in the company grew by more than $257 million on the heels of the announcement.
Trump Media's investment arm will be called Truth.Fi and begin rolling out their products later this year, according to an SEC filing. The investments will center on "American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy," according to the filing.
Trump Media's expansion into financial services and cryptocurrency comes as the president has vowed to make the United States the "crypto capital of the planet" and ease restrictions on the financial services industry by cutting regulations.
"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 & Technology Group CEO Devin Nunes said in a statement Wednesday.
Shares of Trump Media surged 8% following the announcement. Trump's majority stake in the company – 114,750,000 shares held in a revocable trust – is currently worth more than $3.7 billion.
