The iconic trading floor of the New York Stock Exchange was adorned with the word 'Truth' on the morning of 12 December 2024. At 9:30 am, a small group gathered on the balcony to ring the opening bell, marking the launch of a controversial new suite of financial products tied directly to the business empire of US President Donald Trump.
A New Frontier for Trump Media: Patriotism-Themed Funds
The event celebrated the debut of five exchange-traded funds (ETFs) issued by Trump Media and Technology Group, the parent company of the president's social media platform, Truth Social. Branded as 'America First' funds, they are positioned as a direct counter to the ESG (Environmental, Social, and Governance) investment movement. Each fund targets a specific sector aligned with Trump-branded patriotism: companies based in the US, real estate in Republican-leaning states, energy and infrastructure, security and defence, and technology, which includes bitcoin.
This launch signifies a major expansion for Trump Media, which has grown from a social media network into a menagerie including a streaming service and a nuclear fusion energy company. The ETFs are managed by Yorkville America, a branch of New Jersey-based Yorkville Advisors. Yorkville played a key role in a $2.5bn fundraising round for Trump Media in 2024 and later agreed to a $5bn line of credit for a venture with Crypto.com.
Mixed Financial Results and Uncharted Ethical Waters
The move is a huge bet on the enduring power of the Trump brand, but evidence of its sustained financial appeal is mixed. Truth Social has a far smaller user base than its intended rivals. Trump Media's share price on Nasdaq, which ballooned to over $60 in March 2024, now trades closer to $14. Similarly, the 'Trump' meme coin promoted last January soared to $45 around his inauguration but has since crashed to around $5.
More critically, the ventures plunge the administration into uncharted ethical territory. The bulk of these new products have launched since Trump's return to the White House, creating potential conflicts of interest. Unlike typical presidents who use blind trusts, Trump placed his Trump Media shares into a revocable trust managed by his eldest son, Donald Trump Jr.
'The thing that's guarding the president from getting involved in conflicts of interests are ethics norms,' said Kedric Payne, a former congressional ethics attorney now at the Campaign Legal Center. 'That's it. So if there are no ethics norms, there is no mechanism.' Watchdogs fear individuals or companies could seek favour by investing in these Trump-linked products.
Regulatory Scrutiny and Crypto Connections
Concerns are mounting in Washington. Democratic Senator Elizabeth Warren recently urged the US Treasury to delay reviewing a bank charter for World Liberty Financial, Trump Media's digital asset company. She warned approval would mean, for the first time, a president 'would be in charge of overseeing his own financial company'.
Questions also surround Trump's relationships with crypto leaders. He pardoned former Binance CEO Changpeng Zhao, who invested $2bn in World Liberty Financial. The SEC paused an investigation into crypto billionaire Justin Sun, who bought $200m of Trump's crypto token. Furthermore, federal inquiries into Trump Media partner Crypto.com reportedly stopped once Trump became president, though the company denies any connection.
The White House has stated that 'neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest.' President Trump was not present for this latest bell-ringing, leaving the duty to Yorkville America. He last performed the ceremony in 2024 after being named Time's Person of the Year, smiling as CEOs chanted 'USA!' from below.
