Trump Media shares surge after company announces expansion into financial services
Published On Jan 29, 2025, 9:03 AM
Trump Media, the parent company of Truth Social, has announced plans to enter financial services, leading to a significant surge in its stock price, which jumped by as much as 17% in premarket trading. The company plans to invest up to $250 million in partnership with Charles Schwab, diversifying its cash reserves of over $700 million. This move includes launching 'Truth.Fi', aimed at offering various investment products, focusing on the 'Patriot economy'. TMTG CEO Devin Nunes expressed that this expansion is a natural progression of their prior ventures into social media and streaming services.
Stock Forecasts
DJT
Positive
The surge in stock price reflects market enthusiasm for Trump's new direction into financial services, backed by a substantial investment and plans for innovative financial products. The focus on the 'Patriot economy' is likely to attract a specific investor demographic, which could bolster the brand's popularity and financial performance in the short term.
Related News
Donald Trump's new crypto token is the industry in its purest form: Morning Brief
Jan 23, 2025, 6:00 AM
Trump's conflict of interest coin is making the crypto industry look bad, but the memes and the money are the ultimate use case.
Trump coin and Melania coin are 'gambling tokens': Anthony Scaramucci
Jan 21, 2025, 8:21 AM
Skybridge founder and former Trump insider Anthony Scaramucci says new meme coins from President Trump and First Lady Melania Trump are super high risk.
Trump Moves $4 Billion of Media Firm Stake Into Trust Run by Son
Dec 20, 2024, 10:34 AM
(Bloomberg) -- President-elect Donald Trump transfered about $4 billion worth of shares in his media company to a trust that is controlled by his eldest son, Donald Trump Jr.Most Read from BloombergNew York City’s Historic Preservation Movement Is Having a Midlife CrisisNYPD Car Chases Are Becoming More Frequent — and More DangerousReviving a Little-Known Modernist Landmark in BuffaloDakar’s Air Quality Plummets as Saharan Dust Descends on SenegalThe Architects Who Built MiamiThe soon-to-be pres