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

Losses driven largely by depreciation of cryptocurrency assets as prices of digital currencies tumble.The 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.Recommended Stories list of 3 itemslist 1 of 3Trump announces three-day ceasefire in Russia-Ukraine warlist 2 of 3Trump halts Hormuz operation, cites ‘great progress’ in Iran talkslist 3 of 3Trump sets July 4 deadline for EU tariff hike decisionend of listHowever, 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.