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In its latest financial disclosure, the company revealed a net loss of $406 million USD, equivalent to $560 million AUD.
Despite these significant losses, interim CEO Kevin McGurn remains optimistic about the company’s future.
“Trump Media is leveraging its robust balance sheet and positive cash flow from operations to expand all our business ventures and enhance our platform’s infrastructure,” McGurn stated.
He also emphasized that “Truth Social continues to be a stronghold for free speech, with exciting new features on the horizon.”
A substantial portion of the company’s shares remains in the hands of President Trump himself.
TMTG bought $3.5 billion in Bitcoin midway through last year.
The centrepiece of the company is Truth Social, the social media site created when Donald Trump was banned from Twitter and Facebook.
Truth Social was touted as a conservative alternative to other social media sites, but it has attracted few prominent users save for Trump himself.
Today’s statement said the company is looking to expand into prediction contracts and more use of AI.
Video streaming platform Truth+ has also not connected with a wider audience.
The platform bills itself as showing “non-woke movies, live TV, Christian content, and more”.
Today’s report comes out weeks after CEO Devin Nunes suddenly left the business.
Trump Media and Technology Group (TMTG) was valued at $US10 billion ($14 billion) when it first went public in March 2024.Â
Now it is valued at a fraction of that.
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