Donald Trump’s meme token has made him a crypto billionaire
Donald Trump’s new meme token will make him the first US President to become a crypto billionaire, with his current holdings now over $58 billion, according to Axios.
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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 11% in early trading.
The company board has also authorized an investment of up to $250 million through Charles Schwab as it seeks 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 (SMAs), Bitcoin, and other cryptocurrencies.
Trump Media’s move into finance follows Donald Trump’s election to the White House in November and the election of several pro-crypto lawmakers to Congress, which led to a surge in the prices of Bitcoin and other cryptocurrencies.
During his campaign, Trump expressed strong support for digital assets and vowed to establish the United States as the “crypto capital of the planet.”
The SMAs will be developed in collaboration with Charles Schwab, which will provide strategic advice on TMTG’s Truth.Fi investments and strategy.
Truth.Fi products and services will roll out in 2025 after funding levels are determined and necessary approvals by financial regulators are secured, the company said.
Trump Media has also ventured into streaming platforms with the launch of Truth+ Streaming last year. In November, the company reported a $19 million loss in its third-quarter due to legal fees and costs tied to its TV streaming deal.
Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid
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