Trump’s Truth Social Parent Company Reports $400m Loss Amid Crypto Slump

The parent company of Donald Trump’s social media platform, Truth Social, has reported a loss of more than $400 million in the first quarter of 2026, driven largely by the declining value of its cryptocurrency holdings.

A March 31 filing showed that Trump Media & Technology Group (TMTG) recorded revenue of about $870,000 for the first three months of the year, alongside a modest six per cent rise in net sales.

Despite the slight revenue increase, the company posted significant losses tied to its investments, particularly a major bet on cryptocurrencies.

Trump, a prolific social media user who frequently uses the platform to announce policy decisions or criticise opponents, controls about 41 per cent of TMTG shares through a trust that manages his financial interests while in office.

He launched Truth Social after being banned from major social media platforms following his 2020 election loss to Joe Biden and the subsequent January 6 United States Capitol riot by his supporters.

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

The company had previously disclosed that it raised $2.5 billion to invest in cryptocurrencies, but the market has since declined, despite early optimism that the Trump administration would create a more favourable regulatory environment.

The price of Bitcoin fell sharply from $126,000 in October to $70,000 in March, before recovering slightly to around $80,000.

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

McGurn also described Truth Social as a “bastion of free speech with innovative enhancements coming soon”.

Meanwhile, TMTG is pursuing a merger with TAE Technologies, a US-based firm focused on developing nuclear fusion technology — a potential source of near-limitless energy that still faces technical challenges, including producing more energy than it consumes.

“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 highly active on Truth Social throughout his presidency, using the platform for official announcements as well as personal commentary.

On Friday, he announced a three-day pause in fighting in the Russia-Ukraine war and touted the declassification of government documents related to unidentified flying objects (UFOs). Hours later, he posted claims of public support for the US-Israeli war with Iran and reshared an article about an FBI raid on an election centre in Georgia.