Parent company of Trump’s Truth Social site reports $400m loss this year

play Live Sign upShow navigation menu.css-15ru6p1{font-size:inherit;font-weight:normal;}Navigation menuNewsShow more news sectionsAfricaAsiaUS & CanadaLatin AmericaEuropeAsia PacificMiddle EastExplainedOpinionSportVideoMoreShow more sectionsFeaturesEconomyHuman RightsClimate CrisisInvestigationsInteractivesIn PicturesScience & TechnologyPodcastsTravelplay Live Click here to searchsearchSign upNavigation menucaret-leftDonald TrumpWhy the Trumps want Jimmy Kimmel firedWhat to know about the SAVE ActTrump’s midterm strategyCould the US oil blockade snuff out the Cuban cigar?caret-rightNews|Donald TrumpParent company of Trump’s Truth Social site reports $400m loss this yearLosses driven largely by depreciation of cryptocurrency assets as prices of digital currencies tumble. xwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoUS President Donald Trump speaks to reporters at the White House in Washington, DC. [Elizabeth Frantz/Reuters]By Al Jazeera Staff and AFPPublished On 9 May 20269 May 2026The parent company of Donald Trump’s social media platform, Truth Social, has reported a loss of more than $400m in the first quarter of 2026, driven largely by the slumping value of cryptocurrency assets. A March 31 company filing shows that Trump Media and Technology Group (TMTG) reported revenue of about $870,000 for the first three months of the year, with a six percent rise in net sales. 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. 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. 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. 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, he used the site to announce a three-day pause in fighting amid Russia’s invasion of Ukraine, minutes after touting his administration’s move to declassify government documents related to unidentified flying objects (UFOs). Hours later, he used the platform to claim public support for the US-Israeli war with Iran and re-post an article from January detailing an FBI raid on an election centre in Georgia. Advertisement AboutAboutShow moreAbout UsCode of EthicsTerms and ConditionsEU/EEA Regulatory NoticePrivacy PolicyCookie PolicyCookie PreferencesAccessibility StatementSitemapWork for usConnectConnectShow moreContact UsUser Accounts HelpAdvertise with usStay ConnectedNewslettersChannel FinderTV SchedulePodcastsSubmit a TipPaid Partner ContentOur ChannelsOur ChannelsShow moreAl Jazeera ArabicAl Jazeera EnglishAl Jazeera Investigative UnitAl Jazeera MubasherAl Jazeera DocumentaryAl Jazeera BalkansAJ+Our NetworkOur NetworkShow moreAl Jazeera Centre for StudiesAl Jazeera Media InstituteLearn ArabicAl Jazeera Centre for Public Liberties & Human RightsAl Jazeera ForumAl Jazeera Hotel PartnersFollow Al Jazeera English: