TMTG books US$406m first-quarter net loss as crypto marks dominate results

WASHINGTON, United States (AFP) — The firm behind Truth Social, the social network United States President Donald Trump favours for official statements, has disclosed a first-quarter net loss exceeding US$400 million on Friday, with the figure driven chiefly by weaker marks on cryptocurrency positions.

Trump Media & Technology Group (TMTG) said in a regulatory submission that it brought in under US$1 million in sales for the quarter that finished on 31 March.

Mr Trump holds roughly 41 per cent of TMTG stock, the filing notes, with those shares parked in a trust that handles his business holdings while he serves as president.

Beyond social media, TMTG has moved into finance; about twelve months earlier it unveiled US$2.5 billion in financing aimed at crypto investing, an area the president has leaned into lately.

Sharp falls across digital tokens battered that line of work: Bitcoin slid from above US$126,000 around the start of October to under US$70,000 by March, though it later climbed back above US$80,000.

Accounting rules oblige the company to reflect the current value of investments on its books even when nothing has been sold, and for the opening quarter it therefore showed a US$406 million loss.

“The vast bulk” of the red ink came from digital assets, management said in the same disclosure.

The document put first-quarter revenue at US$900,000 — a thin stream for a business carrying a US$2.47 billion stock-market valuation.

Executives said the group still aims “to focus on expanding its infrastructure and audience to prepare for future monetised features”.

In December, TMTG said it would combine with United States firm TAE, which is working on nuclear fusion; the arrangement was expected to be completed around the middle of 2026.