The Trump family social media company has launched five stock-market funds with an America First theme in the latest money-making venture associated with the president.
Trump Media & Technology Group (TMTG), the parent company of the Truth Social platform where the president shares many of his announcements, said more exchange-traded funds (ETFs) would follow in the coming months.
“We’re gratified to make available a slate of ETFs for patriotic investors who want to invest in American ingenuity. These unique funds provide an excellent way for Americans to express their optimism about the strength, resiliency and immense future prospects of the American economy,” said Devin Nunes, the Trump Media chief executive.
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The TMTG funds feature investments in companies which are performing well in the Trump economy such as Palantir, the security computing company that won a US Army software and data contract worth up to $10 billion in August and also has deals with the Immigration and Customs Enforcement agency.
The move follows a December announcement that TMTG was merging with nuclear-fusion company TAE Technologies in an all-stock transaction valued at more than $6 billion. The deal will make Trump Media one of first publicly traded nuclear-fusion companies.
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Trump moved ownership of his 114.75 million shares in the group into the Donald J Trump Revocable Trust a year ago after winning the election and before taking office. Before that he was the majority shareholder with a 53 per cent stake, worth about $1.5 billion at today’s values. During his first term, Trump used the group to hold various business assets before he reclaimed ownership upon leaving office in 2021.
The trust containing his shares is now controlled by his eldest son, Donald Jr.
Eric Trump and Donald Jr, right
TIMOTHY A CLARY/AFP/GETTY IMAGES
The continued dealmaking by the social media company closely associated with Trump, as well as his family’s growing property and crypto ventures during his presidency, have led to accusations of conflicts of interest.
“Every other president since the Civil War has divested from business interests that would conflict with official duties. President Trump has done the opposite,” said Richard Painter, the chief ethics lawyer in President George W Bush’s White House.
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Karoline Leavitt, the White House press secretary, said: “Neither the president nor his family have ever engaged or will ever engage in conflicts of interest.”