TMTG partners with Moov for secure payment processing

SARASOTA, Fla. - Trump Media and Technology Group Corp. (NASDAQ: DJT), currently trading at $16,306.8, known for its social media platform Truth Social and streaming service Truth+, today announced a partnership with payment processor Moov. According to InvestingPro data, the stock has shown resilience with a 2.59% gain year-to-date. This collaboration aims to introduce flexible payment options, such as credit cards, ACH transfers, and debit cards, for its platforms. The move is part of TMTG’s broader initiative to monetize its services and offer subscription packages for Truth+, under the newly created Truth.Fi brand.

The agreement with Moov is set to enhance TMTG’s financial services offerings, including the development of customized separately managed accounts (SMAs) and exchange-traded funds (ETFs), which were recently approved by the TMTG board of directors. With an impressive average daily trading volume of 105.47M shares over the past three months, investor interest remains strong. For deeper insights into TMTG’s financial health and growth potential, InvestingPro subscribers have access to exclusive analysis and metrics. TMTG CEO Devin Nunes emphasized the commitment to provide "uncancellable platforms to Truth users," highlighting the role of Moov in achieving this goal.

Moov’s technology is designed to offer secure, reliable, and scalable payment processing, eliminating intermediaries for faster settlements and an improved payment experience. Moov CEO Wade Arnold expressed enthusiasm for supporting TMTG’s growth through embedded payment solutions.

TMTG’s mission is to offer an alternative to Big Tech’s control over online speech and to provide a haven for free expression. Its platforms, including Truth Social and Truth+, focus on family-friendly content and free speech. The company is also venturing into financial services with the Truth.Fi brand, promoting America First investment vehicles.

The partnership with Moov is a strategic step for TMTG as it prepares to roll out Truth+ subscription packages within the year. This move could potentially reshape the company’s financial landscape and user engagement strategies. The stock has maintained a trading range between $14,547.9 and $17,845.72 over the past 52 weeks, demonstrating significant market interest in the company’s growth initiatives.

The information in this article is based on a press release statement from TMTG.

In other recent news, Bakkt Holdings experienced a significant drop in shares following the announcement of Trump Media and Technology Group Corp.’s (TMTG) expansion into financial services, a move that includes a partnership with Charles Schwab (NYSE:SCHW) for the launch of Truth.Fi. This new financial services and FinTech brand is seen as direct competition to Bakkt Holdings, leading to investor concerns over Bakkt’s future growth prospects. Analysts from Ningi Research have commented on this development, suggesting that potential acquisition of Bakkt is unlikely due to TMTG’s new partnership.

On another front, TMTG has announced the completion of its nationwide data center deployment, a crucial step in enhancing its streaming service, Truth+. This development comes amidst the company’s reported financial loss in the second quarter, with revenue at $837,000. Despite this, TMTG has continued to expand its digital footprint, launching its Truth+ app on Amazon (NASDAQ:AMZN) Fire TV and Android TV.

In addition to these developments, TMTG has initiated a share repurchase program, authorizing the buyback of 128,138 shares of common stock from certain executive employees. These are recent developments in the operations of both Bakkt Holdings and Trump Media and Technology Group Corp.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.