“Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves.”
The Trump Media Technology Group (TMTG), the company behind Truth Social, announced on Wednesday that it will be expanding into financial services after the board of directors approved a financial services and financial technology strategy, which will include the launch of Truth.Fi.
An investment of up to $250 million was approved by the board to be custodied by Charles Schwab, and "in addition to traditional investment vehicles," the funds may also be allocated to customized separately managed accounts (SMAs), customized exchange-traded funds (ETFs), Bitcoin, and other cryptocurrencies or crypto-related securities, the company said in a press release.
The SMAs will be developed in partnership with Charles Schwab, with the bank also broadly advising on Truth.Fi’s investments and strategy. Serving as the Registered Investment Advisor for investment vehicles and financial products will be an affiliate of Yorkville Advisors.
TMTG CEO and Chairman Devin Nunes said, "We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies. 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.
"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."
TMTG said that it anticipates Truth.FI services and products, including multiple investment vehicles, will be rilled out in 2025. This will come as new agreements are finalized, funding levels are determined, and approvals by financial regulators are secured.
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