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Truth Social owner Trump Media expands into finance, may invest in bitcoin
CNN
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Truth Social owner Trump Media & Technology Group announced Wednesday it plans to expand into financial services and potentially buy bitcoin and other cryptocurrencies.
Shares of Trump Media (DJT) spiked 15% in premarket trading on the news.
Trump Media said it plans to launch a fintech brand called Truth.Fi and to introduce investment vehicles. The push into fintech was telegraphed by a trademark application filed in November.
The company said its board of directors has also approved plans to diversify its cash holdings into exchange traded funds (ETFs), bitcoin and other cryptocurrencies and crypto-related securities.
The moves by Trump Media, a company built on President Donald Trump’s brand, is likely to raise further conflict of interest concerns about Trump.
As president, Trump will preside over how the federal government will regulate cryptocurrencies and financial markets broadly.
Trump announced in December he transferred his dominant stake in Trump Media to a revocable trust of which he is the sole beneficiary. Trump’s son, Donald Trump Jr., is the sole trustee of the trust.
Former President Donald Trump’s media company, Trump Media, has announced its expansion into the world of finance. The company, which recently launched the social media platform Truth Social, is now looking to make a splash in the world of cryptocurrency.
According to reports, Trump Media is considering investing in bitcoin, the world’s most popular digital currency. This move comes as no surprise, as Trump has been a vocal supporter of cryptocurrency in the past.
With the rise of bitcoin and other digital currencies in recent years, it seems only natural that Trump Media would want to get in on the action. Investing in bitcoin could be a smart move for the company, as the cryptocurrency has seen massive growth in value over the past few years.
While the details of Trump Media’s foray into finance are still unclear, one thing is certain: the company is not afraid to take risks. With its expansion into the world of finance, Trump Media is poised to make a big impact in the world of cryptocurrency.
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- Truth Social
- Trump Media
- Finance
- Bitcoin
- Investment
- Cryptocurrency
- Donald Trump
- Social media platform
- Digital currency
- Financial news
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