Trump Media launches FinTech services brand
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FILE PHOTO: The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Truth Social parent Trump Media and Technology Group said on Wednesday its board of directors has approved the launch of a financial services and FinTech brand Truth.Fi, sending shares of the firm 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 said it plans to allocate these funds into various investment options, including exchange-traded funds, separately managed accounts, Bitcoin, and other similar cryptocurrencies.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid)
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