The Trump Media & Technology Group (TMTG) revealed a net loss of over $400 million in the first quarter. The company behind the Truth Social network, founded by former President Donald Trump, reported this on Friday.
A year ago, Trump Media & Technology Group (TMTG) announced a $2.5 billion raise for investments in cryptocurrencies, a recent interest of the former President.
However, TMTG’s accounts suffered due to the decline in digital currencies, with Bitcoin’s price falling from over $126,000 in early October to around $80,000 currently.
Weighed down by cryptocurrencies
As the company is required to update the value of its investments (even if not sold), it recorded a $406 million loss for the first three months of the year. The majority of this loss is attributed to digital assets.
According to its results, TMTG generated a revenue of $900,000 during the first three months of the year, a meager amount for a company valued at $2.47 billion on the stock market.
The company continues to focus on developing its infrastructure and audience to prepare for future monetized features.
Trump Media & Technology Group (TMTG) owns Truth Social and the streaming platform Truth +. Donald Trump controls around 41% of TMTG’s shares, held in a trust managing his economic interests during his presidential term.
Listed on the stock market in 2024, TMTG is also active in financial services and is merging with the American company TAE, known for developing nuclear fusion technology.
