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Shares of Trump Media, the father or mother of social media app Reality Social, surged on Tuesday after asserting plans to broaden into monetary providers.
Trump Media mentioned in a press launch that its board permitted an funding of as much as $250 million to be custodied by Charles Schwab.
“We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies,” mentioned TMTG CEO Devin Nunes. “Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance.”
Ticker Safety Final Change Change % DJT TRUMP MEDIA & TECHNOLOGY GROUP CORP 30.04 +0.51
+1.71%
“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,” he added.
The Sarasota, Florida-based firm mentioned it plans to allocate these funds into varied funding choices, together with exchange-traded funds, individually managed accounts, Bitcoin, and different related cryptocurrencies.
Reuters contributed to this report.
