Trump’s company loses half a billion dollars in three months

At the same time, it reported a net loss of $406 million ($A560 million).

But despite the colossal losses, interim CEO Kevin McGurn is optimistic.

“Trump Media is using its strong balance sheet and positive operating cash flow to continue to grow all of our businesses and platform infrastructure,” he said.

“Truth Social remains a bastion of freedom of expression, with innovative improvements coming soon.”

Most of the company’s shares are still owned by President Trump himself.

TMTG bought $3.5 billion worth of Bitcoin in the middle of last year.

The company’s centerpiece is Truth Social, the social media site founded when Donald Trump was banned from Twitter and Facebook.

Truth Social was touted as a conservative alternative to other social media sites, but has attracted few high-profile users other than Trump himself.

Today’s statement said the company is looking to expand into prediction contracts and greater use of AI.

Video streaming platform Truth+ has also failed to connect with a broader audience.

The platform bills itself as showing “unwoke movies, live TV, Christian content and more.”

Today’s report comes weeks after CEO Devin Nunes suddenly left the company.

Trump Media and Technology Group (TMTG) was valued at US$10 billion ($14 billion) when it first went public in March 2024.

Now it is valued at a fraction of that.

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