Trump Media & Technology Group (TMTG), the parent firm behind former U.S. President Donald Trump’s social media platform Truth Social, has disclosed a staggering net loss exceeding $400 million for the first three months of 2025, with the overwhelming majority of the deficit tied to plummeting valuations in the cryptocurrency sector, per a regulatory filing released Friday.
The company, which became publicly traded and counts Trump as its largest single shareholder, reported total revenue of just $900,000 across the first quarter. That figure marks a remarkably low top line for an enterprise that currently holds a public market valuation of $2.47 billion.
Trump, who relies heavily on Truth Social as his primary platform for public announcements and political messaging, controls roughly 41% of TMTG’s outstanding shares. Those holdings are held in a blind trust established to manage his financial interests during his second presidential term.
Beyond its core social media operations, TMTG has expanded into digital asset investing. Twelve months prior to this quarterly report, the firm secured $2.5 billion in dedicated funding specifically for cryptocurrency investments – a pivot aligned with Trump’s well-documented personal interest in the digital asset space in recent years.
The broad downturn in crypto markets during the first quarter hit TMTG’s investment portfolio particularly hard. Bitcoin, the world’s largest cryptocurrency by market capitalization, saw its price drop from a peak above $126,000 in early October 2024 to less than $70,000 by the end of March 2025. While Bitcoin has since recovered partially to trade above $80,000, the markdown required for quarterly reporting still generated massive unrealized losses.
Under U.S. accounting regulations, publicly traded companies must mark their investment holdings to current market value each quarter, even if they have not sold the assets. This requirement forced TMTG to record a total net loss of $406 million for the first quarter. The company confirmed in its filing that “the vast bulk” of this loss stems directly from its digital asset holdings.
TMTG signaled it remains committed to its long-term growth strategy, stating in the filing that it will “continue to focus on expanding its infrastructure and audience to prepare for future monetised features.”
In addition to its social media and crypto investment operations, TMTG announced a planned merger with TAE Technologies, a U.S.-based firm developing commercial nuclear fusion technology, back in December 2024. The merger is currently on track to close in the middle of 2026, according to the company’s latest update.