The Trump Media & Technology Group (TMTG) has announced plans to set up a fund with “select investors” to explore potential mergers and acquisitions, according to a recent filing. This move comes after the company expanded its business beyond its flagship Truth Social platform, which now also includes a video streaming service, Truth+, and a fintech platform named Truth.Fi.
TMTG’s expansion into various tech businesses is part of its effort to build a “parallel economy” that caters to conservative customers who claim they have been discriminated against by mainstream firms. The company’s CEO, Devin Nunes, stated that this sector has “enormous potential” and aims to make it greater.
The new fund will include established businesses that can operate as autonomous subsidiaries within TMTG’s corporate structure. President Donald Trump, who was the majority shareholder until he placed his shares in a trust controlled by his son Donald Trump Jr., did not comment on the matter.
TMTG’s 2024 annual report hinted at its desire to operate as a “holding company” with diverse tech products and businesses. Despite having few users and negligible revenues, the company has been expanding into various categories, including streaming and fintech. Its Truth Social platform had around 698,000 monthly active users in September 2024.
The company has also made significant investments in its technology infrastructure, hiring a British-Slovenian tech firm to develop its own content delivery network (CDN) and storing data at an Omaha-based company owned by a wealthy Republican donor family. Additionally, the recently announced Truth.Fi fintech platform secured a $250 million custody facility from Charles Schwab to support its financial products, including ETFs and separately managed funds.
Source: https://fortune.com/2025/02/21/donald-trump-media-merger-aquisition-truth-social