Trump Media to Invest Up to $250M in Financial-Services Venture With Charles Schwab

By Owen Tucker-SmithTrump Media and Technology Group plans to expand into the financial-services industry through a partnership with Charles Schwab.The operator of the social media platform Truth Social and video-streaming platform will add financial services and FinTech brand Truth.Fi to its portfolio.Trump Media's board approved an investment of up to $250 million to be overseen by financial-services company Charles Schwab, which will also advise the Truth.Fi financial strategy. The company said funds could be invested in customized, separately managed accounts, customized exchange-traded funds, bitcoin, other cryptocurrencies and crypto-related securities.The company said its board approved a financial strategy, and the investments will support domestic manufacturing and energy companies. Truth.Fi products will start to roll out this year, the company said.The company added that a Yorkville Advisors affiliate will also advise on investments, which it said would support "American growth, manufacturing, and energy companies as well as investments that strengthen the Patriot Economy."Trump Media is majority owned by President Donald Trump.Shares of Trump Media were recently up 17% in premarket trading, and are down almost 21% in the past 52 weeks.Write to Owen Tucker-Smith at [email protected]