The parent company of the “Truth Social” platform, affiliated with US President Donald Trump, announced on Friday that it recorded net losses exceeding $400 million during the first quarter of this year, a decline that it attributed mainly to the decline in the value of cryptocurrencies.
The Trump Media and Technology Group said in a statement that its revenues during the three months ending last March 31 did not exceed one million dollars.
Trump, who regularly uses the “Truth Social” platform to publish his statements and positions, owns about 41 percent of the group’s shares.
The company is also active in the field of financial services, and a year ago it announced financing worth $2.5 billion to invest in cryptocurrencies, which have become one of Trump’s most prominent economic interests in the recent period.
The decline in digital currency prices had a major impact on the group’s performance, as the price of “Bitcoin” fell from about $126,000 in early October to less than $70,000 in March, before it later rose again to more than $80,000.
Because of the group’s commitment to disclosing the value of its investments even without selling them, it recorded losses amounting to $406 million during the first quarter, explaining that the “largest portion” of these losses is related to digital assets.
According to financial statements, Trump Media and Technology Group’s revenues amounted to only about $900,000 during the first quarter, even though the company’s market value is estimated at about $2.47 billion.
Last December, the group announced its merger with the American company TAE, which specializes in developing nuclear fusion technology, after the deal was expected to be completed in mid-2026.
