The parent company of Donald Trump’s Truth Social platform - one of the president’s preferred bullhorns - managed to lose nearly $406m in the first three months of 2026 while scraping together just over $870,000 in revenue, according to financial filings. That is the kind of ratio that would make a Silicon Valley unicorn blush, though this is more of a unicorn that is on fire and running off a cliff.
The Trump Media and Technology Group’s quarterly report for January to March 2026 showed net sales were up 6% year over year, which sounds nice until you realize the company is hemorrhaging cash at a pace that would make a sieve jealous. The vast bulk of the losses were “non-cash losses including unrealized losses on digital assets, digital assets pledged, and equity securities ($368m), accreted interest ($11.5m), and stock based compensation ($11.8m)”, the company said in a press release. In plain English: they bet big on digital funny money and it did not pay off.
Interim chief executive officer Kevin McGurn said in a statement that Trump Media “is using its strong balance sheet and positive operating cashflow to continue growing all our businesses and platform infrastructure”. He also said, without providing any specifics whatsoever, that Truth Social “remains a bastion of free speech with innovative enhancements coming soon”. If by “bastion” you mean “platform that mostly amplifies one guy”, then sure.
Most of the losses stem from $3.5bn in bitcoin buys the company made in 2025 when the cryptocurrency was surging in value and the company announced plans to establish a “bitcoin treasury”. Since then, the crypto asset’s value has dropped by about a third, because that is what happens when you buy high and the market remembers gravity.
The company was born after Trump was banned from Twitter - now X - and Facebook in 2021 following his supporters’ attack on the US Capitol when his first presidency ended in defeat to Joe Biden. Truth Social has effectively functioned as a bullhorn for the president, though it has not exactly flourished more broadly, which is a polite way of saying it is burning through cash like a digital campfire.
The reported losses come five months after Trump Media announced plans to merge in a $6bn deal with a California nuclear fusion company TAE Technologies that aims to power artificial intelligence datacenters. Nuclear fusion, with its long-held goal of producing limitless energy, has yet to produce more energy than it takes to create - which is, coincidentally, the same problem Trump Media appears to have with money.
McGurn said in a statement: “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.” One can only hope those opportunities involve something more grounded than digital assets and tabletop suns.