The company that owns President Donald Trump’s Truth Social now plans to let consumers invest in companies that benefit directly from his campaign promises.
Trump Media & Technology Group (TMTG), which counts Trump as its majority owner, on Thursday said it had filed to register trademarks for new investment vehicles under its financial tech brand, Truth.Fi. Each of the exchange-traded funds (ETF) and separately managed accounts (SMA) will sound familiar to anyone even tangentially familiar with the president’s speeches over the past several months.
Truth.Fi plans to offer the “Made in America,” “U.S. Energy Independence,” and “Bitcoin Plus,” ETFs and SMAs, according to the company. The plans include an investment of up to $250 million custodied by Charles Schwab (SCHW+1.33%), while Yorkville Advisors will guide TMTG.
“We aim to give investors a means to invest in American energy, manufacturing, and other firms that provide a competitive alternative to the woke funds and debanking problems that you find throughout the market,” TMTG CEO Devin Nunes said in a statement, adding that the company wants to cater to investors who believe in “America First” ideals.
Trump, who repeatedly chanted that America will “drill, baby, drill” during the 2024 presidential campaign, has pledged to boost domestic oil and gas production and threatened the European Union with tariffs unless they bought more U.S. energy products.
One of his first acts as president was to declare a “national energy emergency,” and Interior Secretary Doug Bergum has directed the department to identify ways to hasten energy production.
“We have something that no other manufacturing nation will ever have, the largest amount of oil and gas of any country on Earth, and we are going to use it,” Trump said in his inaugural address. “We will be a rich nation again, and it is that liquid gold under our feet that will help to do it.”
However, Trump’s desire for the U.S. “energy independence” doesn’t have much room for wind power and other renewables. In his first week in office, he ordered a moratorium on offshore wind approval and a freeze on funds tied to the Inflation Reduction Act, which is already slamming clean energy projects that had depended on that cash.
The president has also promised to boost domestic manufacturing, partially through new investments and partially through new tariffs on imports, which he believes will push companies to reshore production from foreign nations to the U.S. Trump has, so far, only made good on his threats toward China, Mexico, and Canada — although the latter two nations have delayed those tariffs — but plans universal tariffs that can hit imports from countries.
During the campaign, Trump also positioned himself as the “crypto candidate,” and the industry has overwhelmingly welcomed his administration, which is already making pro-cryptocurrency moves. His crypto and artificial intelligence advisor said his first priority is supporting stablecoin legislation and is studying the feasibility of a national reserve of Bitcoin.
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