Trump Media & Technology Group Corp. (DJT) is experiencing a surge in its stock price following the announcement of its expansion into financial services. The company revealed plans to launch a new financial services and FinTech brand, Truth.Fi, which will focus on investment vehicles such as customized exchange-traded funds and cryptocurrencies. This strategic move includes an investment of up to $250 million, to be managed by Charles Schwab, and aims to diversify the company's cash reserves of over $700 million. The announcement has sparked significant interest, with shares jumping more than 10% in premarket trading.
The expansion into financial services is seen as a natural progression for Trump Media, which has previously launched a social media platform and a TV streaming service. The company's CEO, Devin Nunes, emphasized that Truth.Fi will focus on American growth and the Patriot Economy, aiming to protect users from perceived threats by Big Tech and other corporations. This development has been met with mixed reactions on Reddit, with some users expressing skepticism about the company's intentions and others noting the potential for significant financial gains.
As of 10:00 AM on January 29, 2025, Trump Media's stock is trading at $33.19, up 10.49% from the previous close of $30.04. Despite being early in the trading day, the stock has already seen a volume of 12,952,009 shares, representing 45.03% of its average daily volume.