President Donald Trump’s Truth Social bid, Trump Media & Technology Group (TMTG), has burned through an alarming amount of cash.
The company, which owns the president’s struggling far-right social media platform, issued an alarming financial report earlier this month, revealing that it had lost a staggering $712.1 million last year — while earning a pitiful $3.7 million.
The disastrous figures once again highlighted how the company, 52 percent of which is owned by Trump and which trades with a ticker of his initials DJT, has firmly cemented itself as a gauge of the president’s popularity rather than as a viable business.
As Trump’s war on Iran rages on, polls have shown that his approval rating continues to dip.
A similar story is playing out at his social media company, with shares reaching an all-time low on Friday of $9.73. That’s an enormous fall from the company’s record high of just shy of $80 shortly after the company merged with a blank check acquisition company in March 2024, a move that allowed it to be publicly traded.
Since then, it’s been a long slide. Even a questionable bid to “distribute digital tokens” to investors late last year seemingly did little to buoy up excitement, with the company’s valuation embarking on a rollercoaster ride, largely aligned with Trump’s waxing and waning public image.
In the process, numerous executives there have enriched themselves by selling their shares, mostly leaving the president’s most fervent supporters holding the bag.
In a desperate bid to keep itself alive, TMTG has attempted to reinvent itself several times, from a foray into cryptocurrency-based prediction markets and a purchase of $2 billion in Bitcoin to a December merger with fusion power company TAE, formerly called Tri Alpha Energy.
It’s an extremely long-term bet, considering scientists are only barely starting to crack the point where highly complex fusion reactors, designed to harness the energy of fusing atoms, can generate more energy than they require to operate.
Trump Media CEO Devin Nunes claimed in a statement at the time that “fusion power will be the most dramatic energy breakthrough since the onset of commercial nuclear energy in the 1950s.”
Whether its latest fusion bet will pay off in the long run remains unclear at best. As the Financial Times reported late last month, TMTG said it was engaged in “ongoing discussions regarding a potential spin-off” of its businesses — including its hallmark Truth Social — into a new listed company.
The spin-off — if it were to take place — would be facilitated by a special purpose acquisition company called Texas Ventures III, which has a long track record of helping the Trump family in times of need, according to the FT.
More on Trump Media: Truth Social Stock Explodes as It Merges With Nuclear Fusion Company