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Share of Trump mediaSocial media app Truth’s parents of Social, on Tuesday, increased after the announcement of a plan to expand in financial services.
The company’s stock on the news came up to 17% in premarket trading.
Trump Media said in a press release that his board Approve an investment Up to $ 250 million to detain by Charles Schwab. The step serves as a way to diversify its cash reserves, which was more than $ 700 million in late 2024.
TMTG CEO Dewin Nuns said, “We are ready to introduce TMTG’s investment vehicles, introduce TMTG investment vehicles and unlock the synergy.” “Truth.
The purpose of Trump Media’s financial services is called “Patriot Economy”, offering investment opportunities to support it. (Photo by Anna Barkle / Getty Image / Getty Image)
“Developing American first investment vehicles is another step towards our goal of creating a strong ecosystem, through which the cancellation, censorship, debut and secrecy violations made by American patriots Big Tech and Vok Corporations Can save yourself, “he said. “Added.
Langer | Security | Last | Change | Change % |
---|---|---|---|---|
Permission | Trump Media and Technology Group Corp | 32.50 | +2.46 |
+8.19% |
Sarsota, Florida company said it is planning to allocate these funds in various investment options, including Exchanged money (ETF)Separate managed accounts, bitcoins and other similar cryptocurrency.
A look at the business empire of the Trump family
Dewin Nuns, Chief Executive Officer of Truth Social, Dallas, Texas, US on Friday, August 5, 2022 during Conservative Political Action Conference (CPAC) in US. (Dialon Hallingsworth / Bloomberg Getty Image / Getty Image)
The company said that it expects its various truths. Products and services, including several investment vehicles, will be rolled out in 2025 as new agreements are consumed, the level of funding is determined and by any necessary approval. Financial regulator Are approved.
TMTG said in a release that its investment vehicle and financial products are expected to focus on investment in investments that strengthen the patriotic economy with American development, manufacturing and energy companies. “
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Reuters contributed to this report.