The parent company of Donald Trump’s Truth Social media has reported hundreds of millions in net losses.
The Trump Media and Technology Group (TMTG) attributed the first-quarter net losses to “unrealised losses on digital assets, digital assets pledged, and equity securities ($368.7 million), accreted interest ($11.5 million), and stock-based compensation ($11.8 million)”. The total losses are the approximate equivalent of £297 million.
Net sales were up by six percent year over year, but there were significant losses that were related to other investments. TMTG 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”.
View 3 ImagesA recent post on Trump’s page(Image: truthsocial.com)
He added: “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. Truth Social remains a bastion of free speech with innovative enhancements coming soon, and I look forward to rapidly growing our Truth Social and Truth+ communities and building out these powerful, uncancellable platforms for free expression.”
Most of the losses stem from when the company made over £2.5 billion in bitcoin buys in 2025. Truth Social is known as the site where the US President frequently makes controversial comments, including his attacks on British prime minister Sir Keir Starmer.
A recent spate of late night posts by Trump included the US president posting an AI-generated image of himself, the Vice President, and Marco Rubio paddling topless in the famous Lincoln Memorial Reflecting Pool, which is set to be dyed “American flag blue” using an “industrial-grade pool” surface instead of restoring the traditional granite base.
View 3 ImagesThis bizarre image was recently posted on Trump’s Truth Social page(Image: @realDonaldTrump/Truth Social)
The site was set up in 2021 when Trump was banned from X, then Twitter, and Facebook after his supporters attacked the US Capitol following his election defeat to President Joe Biden.
Trump uses it frequently, as do many of his supporters, but traction elsewhere has not been extensive. In December, TMTG made a surprise bet on nuclear fusion after announcing £4.5 billion merger with Google-backed TAE technologies.
TMTG said it would merge with privately-owned TAE Technologies in a move that will create one of the first publicly traded nuclear fusion firms.
It said it plans to build “the world’s first, utility-scale, fusion power plant” next year as it looks to use the new technology to help power giant datacentres behind the advance of artificial intelligence.
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TAE focuses on nuclear fusion – a technology that combines two light atomic nuclei to form a single heavier one, releasing large-scale amounts of energy.
The firm is backed by Alphabet’s Google and oil giant Chevron. TAE and TMTG shareholders will each own about 50% of the merged company.
Former Republican congressman Devin Nunes, who resigned in 2021 to become the chief executive of Trump Media, will be the co-chief executive of the new company, alongside TAE Technologies boss Michl Binderbauer.