Trump Media, the company behind President Donald Trump’s social media platform Truth Social, is expanding into financial services and financial technology (fintech) with the launch of a new brand called Truth.Fi that the company says will help protect American patriots from censorship, de-banking, and other threats from Big Tech and “woke corporations.”
A central pillar of the strategy is the launch of Truth.Fi, a brand the company describes as rooted in America First principles. It aims to prioritize investments in U.S. growth, manufacturing, and energy sectors, along with ventures that bolster what it calls the “Patriot Economy.”
As part of the move, TMTG plans to invest up to $250 million of its cash reserves (of more than $700 million as of Dec. 31, 2024) into various financial instruments and products. These investments will be managed by Charles Schwab and may encompass customized separately managed accounts, exchange-traded funds, and cryptocurrencies such as bitcoin.
Devin Nunes, CEO and chairman of TMTG, expressed enthusiasm about the new venture, saying that developing America First investment vehicles aligns with the company’s goal of creating a financial infrastructure that empowers individuals and businesses to invest in U.S. growth while resisting pressure from tech monopolies and politically motivated financial exclusion.
“Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, de-banking, and privacy violations committed by Big Tech and woke corporations,” Nunes said in a statement.
The company stated that Truth.Fi products and services are set to launch in 2025, pending finalized funding levels and required approvals from financial regulators.
“I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank,” Trump said, while singling out Bank of America and JPMorgan Chase for criticism.
In statements to The Epoch Times, both banks denied charges of political bias in their decisions.
“We never close accounts for political reasons and don’t have a political litmus test,” a Bank of America spokesperson told The Epoch Times, while a JPMorgan spokesperson said that it has “never and would never close an account for political reasons, full stop.”
The attorneys general claimed that the bank used ambiguous criteria to terminate banking relationships, such as reputational risk and allegations of promoting “intolerance” or “hate.”
