Trump Media & Technology Group, the media corporation owned by President Donald Trump, announced on Monday that it is collaborating with Crypto.com to introduce exchange-traded funds and products under the Truth.Fi brand.
TakeAway Points:
- President Donald Trump’s media company Trump Media & Technology Group said it is partnering with Crypto.com to launch exchange-traded funds and products through its Truth.Fi brand.
- Shares of the company, which operates social media platform Truth Social, rose 10.5% after the bell on Monday.
- Tesla announced on Monday that it will launch its smart driving-assistance function in China once regulatory approval was complete.
ETFs on Truth.Fi
Shares of the company, which operates social media platform Truth Social, rose 10.5% after the bell on Monday, but have fallen 38% in the last 12 months.
The ETFs, which will be available through Crypto.com’s broker-dealer Foris Capital, will include digital assets as well as securities with a “Made in America focus” across various industries, according to a statement.
The funds are planned to be launched later this year and will be available internationally, including the U.S., Europe and Asia.
Crypto.com will provide backend technology, custody and cryptocurrencies such as Bitcoin and Cronos for the ETFs.
Trump Media announced the launch of its financial services and FinTech brand Truth.Fi in January, amid a crypto boom.
Its board had also authorized an investment of up to $250 million through Charles Schwab as it seeks to diversify its cash holdings, which exceeded $700 million at the close of the previous year.
Trump Media had said it plans to allocate these funds into various investment options, including ETFs, separately managed accounts and cryptocurrencies.
In February, Trump Media said it has applied to trademark six investment products that track bitcoin and the U.S. manufacturing and energy sectors.
The trademarks include Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF and Truth.Fi U.S. Energy Independence ETF.
Tesla halts driving-assistance software trial in China
Tesla said on Monday it would release its smart driving-assistance feature in China after completing regulatory approval, following complaints that a limited-time free trial of its Full Self-Driving service had been temporarily paused.
“All parties are actively advancing the relevant process and we will push it to you as soon as it is ready. We are also looking forward to it, please wait patiently,” Tesla’s customer support said on social media platform Weibo.
The message was posted as a comment under a feed of Tesla vice president Grace Tao’s Weibo account.
The company said last Monday that it would launch the free trial of its FSD service in China between March 17 and April 16.
FSD is a suite of driving-assistance technologies developed with generative artificial intelligence to cope with more complicated traffic conditions.
Tesla is aiming for a full roll out of FSD this year, and is working with Chinese tech giant Baidu to improve the performance of the system, Reuters previously reported.
Tesla has offered such trials in the United States, where its FSD system does not require navigation maps to be accurate or up-to-date because local training of the AI helps the technology drive better.
But in China, Tesla has been unable to train the system with data from its 2 million EVs because of the country’s data laws.
In late February, China’s industry ministry issued new rules requiring autonomous driving-related over-the-air software upgrades to be subject to regulatory approval.
