Why Trump Media Stock Is Soaring Today
Trump Media (NASDAQ: DJT) stock is climbing higher in Wednesday's trading despite sell-offs for the broader market. The company's share price was up 7.4% as of 3:15 p.m. ET even though the S 500 index was down 0.4% and the Nasdaq Composite index was down 0.6%. The stock had been up as much as 13.2% earlier in the day's trading.
Trump Media is seeing big valuation gains after the company announced it will be making a big push in the fintech space. The company has now launched its Truth.Fi brand, which will focus on investments in cryptocurrencies and exchange-traded funds (ETFs).
In a press release published before the market opened, Trump Media announced that it would be investing up to $250 million in a combination of traditional investment vehiciles, customized sepeartely managed accounts, and customized ETFs. The company's announcement also suggests that funds will be invested in "Bitcoin and similar cryptocurrencies or crypto-related securities."
Source Fool.com
