TRUMP’S TRUTH SOCIAL PARENT COMPANY REPORTS $400M LOSS AS CRYPTO SLUMPS

Sun 10 May 2026:

Trump Media and Technology Group, the parent company of Truth Social, posted a loss exceeding $400 million in the first quarter of 2026, largely due to falling cryptocurrency values.

In a March 31 filing, TMTG reported revenue of roughly $870,000 for the quarter, marking a 6% increase in net sales compared to the same period last year.

However, it had hefty losses related to some of its investments, notably a significant buy in cryptocurrency.

The US president, a prolific social media user who often uses the platform to announce policy changes or lash out at enemies, controls about 41 percent of the company’s shares, via a trust that manages his financial interests while he is in office.

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Trump launched Truth Social after he was banned by most major social media platforms following his 2020 election loss to US President Joe Biden and the resulting riot by his supporters at the US Capitol on January 6, 2021.

Trump has remained a daily fixture on Truth Social throughout his presidency, often offering a kaleidoscope of official announcements, as well as personal grievances and commentary.

On Friday, Trump announced a three-day pause in fighting in Ukraine’s war on the platform, posting the statement minutes after highlighting his administration’s release of government records on unidentified flying objects.

Later that day, he used the same site to assert public backing for the U.S.-Israeli conflict with Iran and reshared a January article about an FBI raid at an election center in Georgia.

TMTG’s Interim chief executive officer Kevin McGurn said in a statement that the company “is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure”.

The company stated last year that it had raised $2.5bn to invest in cryptocurrencies, but the sector has experienced declining prices. That is despite initial optimism within the industry that the Trump administration would boost its prospects with a favourable regulatory environment.

The price of Bitcoin dropped from $126,000 in October to $70,000 in March, before rising slightly to about $80,000.

TMTG said in the filing that the “vast bulk” of losses were due to digital assets, and that it will continue “to focus on expanding its infrastructure and audience to prepare for future monetised features”.

McGurn likewise stated that Truth Social was a “bastion of free speech with innovative enhancements coming soon”.

TMTG is pursuing a merger with the US company TAE Technologies, which is focused on the development of nuclear fusion technology.

Researchers hope that nuclear fusion could become a source of limitless energy, but it continues to require more energy than it produces.

“Even as we work toward advancing our proposed merger with TAE Technologies as quickly as possible, we’re identifying new growth opportunities and new ways to increase shareholder value,” McGurn said.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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