On Wednesday, Truth Social parent Trump Media and Technology Group (NASDAQ: DJT) said its board of directors approved the launch of financial services and FinTech brand Truth.Fi, sending the firm’s shares up over 15% in premarket trading.
The company board has also authorized an investment of up to $250 million through Charles Schwab as it looks to diversify its cash holdings, which exceeded $700 million at the close of the previous year.
The Sarasota, Florida-based company plans to allocate these funds into various investment options, including exchange-traded funds, separately managed accounts, Bitcoin, and other similar cryptocurrencies.
