Trump Media & Technology Group Corp. (DJT) saw its stock price rise significantly on January 29, 2025, closing at $32.07, up 6.76% from the previous day's close of $30.04. The stock opened at $33.60 and reached a high of $34.00 before settling down slightly by the end of the trading day. The surge in stock price was driven by the company's announcement of its expansion into financial services with the launch of a new brand, Truth.Fi. This strategic move involves an investment of up to $250 million, managed by Charles Schwab, into customized exchange-traded funds, cryptocurrencies, and other investment vehicles. The announcement generated significant interest, with the stock trading at a volume of 23,703,899 shares, which is 82.41% of its average daily volume.
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 social media, with some users expressing skepticism about the company's intentions and others noting the potential for significant financial gains.