US President Donald Trump’s Truth Social is expanding beyond social media with plans to launch a financial services business that will invest up to $250mn into cryptocurrency and other assets.
Trump Media and Technology Group, in which the president is a majority shareholder, on Wednesday said it would launch Truth.Fi, a financial services platform that potentially plans to buy bitcoin and other cryptocurrencies, as well as traditional assets. TMTG shares closed up 6.8 per cent in New York.
The company added Truth.Fi would “focus on investments in American growth, manufacturing, and energy companies as well as investments that strengthen the patriot economy”.
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