Trump Media & Technology Group (TMTG), the parent company of Truth Social, announced Wednesday that its board has approved the launch of a financial services and FinTech brand, Truth.Fi, driving the company’s shares up more than 15% in premarket trading.
The board also authorized an investment of up to $250 million through Charles Schwab as part of an effort to diversify the firm’s cash holdings, which exceeded $700 million at the end of last year.
The Sarasota, Florida-based company plans to allocate these funds across various investment options, including exchange-traded funds, separately managed accounts, Bitcoin, and other cryptocurrencies.
