Shares of Trump Media and Technology Group surged Wednesday morning after U.S. President Donald Trump's media company announced its first move into the world of financial services.

Trump Media (DJT), which owns Truth Social and a 澳洲幸运5官方开奖结果体彩网:streaming service, said Wednesday that its board has approved a financial services strategy that includes a new product and new investments.

The company said it will launch a platform called Truth.Fi, and also invest $250 million of its roughly $700 million in assets to be handled by investment manager Charles Schwab (SCHW). The funds will diversify Trump Media's assets, and b𝔉e allocated to a variety of investments like exchange-traded funds or cryptocurrency, the company said.

The company plans to launch Truth.Fi sometime this year, as the company's "new agreements are consummated, funding levels are determined, and any necessary approvals by financial regulators are secured." Schwab will "broadly advise" on the Truth.Fi investments that will likely be focused on American manufacturing and energy companies, Trump Media said.

In the weeks following his election victory, Trump placed his shares in the media company in a 澳洲幸运5官方开奖结果体彩网:revocable trust, 澳洲幸运5官方开奖结果体彩网:regulatory filings showed.

Trump Media shares were up around 8% Wednesday.