Trump Media & Technology Group (NASDAQ: DJT), the company behind Truth Social, reported a net loss of $406 million for the first quarter of 2026, driven almost entirely by a sharp fall in cryptocurrency prices.
The parent company of Truth Social, Trump Media and Technology Group (NASDAQ:DJT) lost a net of $406 million in Q1 2026 because of a sharp downturn in crypto prices. The revenue was just $900,000 in the same quarter. This is small for a business which is valued at $2.47 billion on the stock market.
As Trump himself has always vouched for crypto, TMTG had invested $2.5 billion in digital currency a year ago. However, the timing was not right because Bitcoin fell below $70,000 by March 2026. It was trading at more than $126,000 in early October 2025.
Because the company is required by law to report the value of its investments even when it has not actually sold them, it had to record that drop on paper.
President Trump holds about 41 percent of TMTG’s shares through a trust set up to manage his finances during his presidency. He regularly uses Truth Social to make official statements and announcements.
Nunes out, McGurn in as losses mount
Despite the losses, interim CEO Kevin McGurn struck an upbeat tone.
“Trump Media is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure. Even as we work toward advancing our proposed merger with TAE Technologies as quickly as possible, we’re identifying new growth opportunities and new ways to increase shareholder value,” he said.
McGurn also addressed the platform’s direction. “Truth Social remains a bastion of free speech with innovative enhancements coming soon, and I look forward to rapidly growing our Truth Social and Truth+ communities and building out these powerful, uncancellable platforms for free expression,” he added.
Before McGurn, Devin Nunes ran the company. Nunes was a former California congressman who joined the company in the earliest days. The reason he stepped down last month was mounting losses, a sliding share price, and the confusion over the company’s direction. He was also the one to launch Truth Social after Trump was banned by major platforms following the 2021 election controversy. The app remains Trump’s main platform for political announcements.
Nunes also steered the company through its stock market debut in 2024 under the ticker symbol DJT, the same as the president’s initials. Shares initially shot past $60, giving Trump a significant boost in paper wealth as the company’s largest shareholder.
Since then, the stock has given back most of those gains and was trading around $9.78 when the latest earnings were released, ending the day down 1%.
Trump Media eyes nuclear fusion deal as it weighs Truth Social spinoff
McGurn comes to the role with a background in media, having worked at companies including Hulu and Vevo, along with experience in mergers and acquisitions.
His main task appears to be steering TMTG through a significant change in direction. As reported by Cryptopolitan, in December 2025, the company announced it would merge with TAE Technologies, an American firm working on nuclear fusion technology. That deal is expected to close by mid-2026 and is currently in its final stages.
The company is also reportedly weighing a plan to spin off Truth Social and its other media properties into a separate business altogether. That would leave the DJT-branded entity focused primarily on energy, positioning it as a power source for the growing artificial intelligence industry.
For now, the company says it remains focused on building out its platform and preparing for features it plans to charge users for down the line. Whether that strategy can close the gap between $900,000 in quarterly revenue and a $2.47 billion market valuation remains the central question hanging over the business.
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