One of the biggest problems for Truth Social (DJT) was its lack of offerings. It had a social media platform, which was great, but that was not anything not already being offered by dozens of other platforms. Now, it is moving into financial services, and that move is giving Truth Social some significant upward momentum. Shares are up over 6% in Wednesday afternoon’s trading.
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Known as “Truth.Fi,” the line of financial services that would be offered include a set of products that focus on “…American growth, manufacturing and energy companies as well as investments that strengthen the Patriot Economy.” The financial services division will have some help from Charles Schwab (SCHW), who will be handling custodian arrangements. The fund will also have around $250 million to back it up.
The fund will have a range of exchange-traded funds (ETFs), as well as cryptocurrencies to deal with, and several different products, services, and branded investment vehicles. All those services are expected to fire up starting this year, reports note. The platform arose after concerns that some banks are unfairly targeting conservatives for ill treatment; given that some banks will not handle transactions for gun purchases, among other things, this may be more right than some expect.
A Rising Crypto Presence
Truth Social’s surge in crypto interest even goes so far as to feature a Trump meme coin. Known as Trump Official USD—a separate coin with similar branding has also been released for Trump’s wife Melania—some are considering it a coin to stay away from.
Muddy Waters Capital chief investment officer and founder Carson Block notes that these coins “…have no intrinsic value. They’re just barometers of how much liquidity is out there, how much speculative frenzy is out there.” But even Block acknowledges that, right now, “…all the signals are reading there’s a lot.”
Is Truth Social Stock a Good Buy Right Now?
Turning to Wall Street, no analysts currently hold a rating on DJT stock. So we turn to the last five days of trading instead. As it turns out, DJT stock is down 6.11% for the period. Truth Social shares had been in decline for most of the last five days, but had begun to level off yesterday. Today’s surge, however, wiped out most of the losses seen in the period, getting it close to where it was just five days prior.
