- Trump Media will set up a fund with “select investors” to explore the possibility of mergers and acquisitions. Over the last year, the company developed a new streaming service and announced its plans to break into fintech.
The Trump Media & Technology Group (TMTG) board approved a new fund that will begin exploring possible mergers and acquisitions, according to a filing released Friday.
TMTG had long hinted at its intention to explore growing its business through outside strategic moves. Over the last year, the company has expanded beyond its flagship Truth Social business. It now also has a video streaming service, Truth+, and, as of a January announcement, a fintech platform named Truth.Fi.
TMTG’s expansion into various other tech businesses is part of the company’s effort to capitalize on what it calls the “America First Economy.” The intent is to build a parallel economy that will include everything from consumer goods to financial investment products for conservative customers. TMTG and other companies claim these consumers have been discriminated against for their political beliefs by mainstream firms.
“The America First economy is a fantastic sector with enormous potential, and we want all its participants to know that TMTG intends to make this market even greater,” TMTG CEO Devin Nunes said in a statement.
TMTG said its fund will include “select investors.” It did not disclose how much money it intended to allocate toward the fund or who the funding partners might be. It does appear that TMTG is looking for stable and established businesses that can “function effectively” as “largely autonomous subsidiaries” within its corporate structure.
President Donald Trump was TMTG’s majority shareholder. He has since placed his approximately 114 million shares in a revocable trust controlled by his son and company board member Donald Trump Jr.
TMTG did not respond to a request for comment.
In its 2024 annual report, released last week, TMTG hinted at its desire to operate as a “holding company” with products and businesses that span the gamut of the tech industry. The comments from the usually tight-lipped company offer a glimpse into the strategy of a firm that has, thus far, expanded into various categories despite having few users and negligible revenues.
In 2024, TMTG had revenues of roughly $3.6 million and $400 million in losses. TMTG does not release data on how many users its platforms have. Truth Social’s mobile apps on iOS and Android had roughly 698,000 monthly active users in September 2024, according to data shared with Fortune from market intelligence firm Similarweb.
Despite its middling user numbers and poor financial performance, TMTG has been serious about its efforts to branch out beyond Truth Social and put together its burgeoning tech conglomerate. In building the streaming service, Truth+, TMTG hired a British-Slovenian tech company to develop its own backend tech infrastructure called a content delivery network (CDN). A move that was unusual given there are several companies that specialize in providing CDNs as a service to streamers. The decision to do so was meant to reduce TMTG’s reliance on external vendors for its operations, the company said in SEC filings. It also started building relationships with business-to-business vendors across the tech industry, storing at least one of its data centers at an Omaha-based company owned by a wealthy family of longtime Republican donors.
While the recently announced Truth.Fi fintech platform recruited one major financial company from the outset. Charles Scwhab will provide a $250 million custody facility for TMTG’s upcoming financial products, which will include ETFs and separately managed funds.
Earlier this year Trump expressed his displeasure with two of the U.S.’s biggest traditional financial institutions, Bank of America and JPMorgan Chase. At the World Economic Forum in Davos, Trump criticized the two banks for allegedly refusing to do business with conservatives. Both firms denied they had ever turned away customers because of their political beliefs.
