Investors in Trump Media & Technology Group, the company behind the Truth Social platform, lost a total of over $2.2 billion. This is according to a Reuters analysis published on November 6. At the same time, Donald Trump’s shareholding is still worth approximately $460 million. However, the company’s problems are not limited to media activities. Her Bitcoin investments also resulted in heavy losses.
Reuters analyzed Trump Media’s financial documents, share issuance history and transactions carried out since 2021. According to its calculations, external investors suffered losses exceeding USD 2.2 billion. The amount includes both realized losses and the decline in the value of shares that still remain in investors’ portfolios.
Some shareholders bought the company’s securities, hoping that Trump’s return to the White House would translate into an increase in its value. One of Reuters’ interlocutors, Ske Jarzenske from Texas, allocated 20% of his wealth to this investment. Today, the value of its shares is 88.5% lower.
Trump himself is in a different situation. As part of the merger of Trump Media with Digital World Acquisition Corp. in 2024, he received a package of 114.75 million shares without having to pay cash. At a price of $4.02 per share at the close of trading on November 5, their total value was approximately $461 million. At its peak, this package was worth over $6 billion on paper.
Initially, Trump Media focused on the development of Truth Social, but over time it expanded its activities to include financial services and cryptocurrency investments. The company began to build its own Bitcoin reserves, treating it as one of the important assets.
However, the timing of the purchases turned out to be unfavorable. According to Reuters, the company increased its exposure to BTC during the cryptocurrency’s high quotations, before its price began to drop rapidly.
In recent days, further information regarding the company’s bitcoin reserves has appeared. Trump Media-affiliated wallets transferred approximately 4,259 BTC to Crypto.com, according to blockchain data analyzed by Arkham and reported by CoinDesk. However, the transfer itself does not mean that the cryptocurrencies have been sold.
The situation becomes more important with the upcoming November 30 deadline. Then, holders of Trump Media convertible bonds will be able to request their redemption for cash. If everyone exercises this right, the potential liability could be approximately one billion dollars. If there are problems with obtaining financing, the company may be forced to sell some of its assets, including Bitcoin.
Not only cryptocurrencies. Truth Social is also disappointing
Cryptocurrency losses are only part of Trump Media’s problems. As determined by Reuters, the annual revenues of the company’s media operations have remained around $4 million for the last three years. At the same time, over $200 million was allocated to the development of the Truth+ streaming service, which generated only $630,000 from its launch in August 2024 to the end of June 2026. dollars of revenue.
The company does not agree with Reuters’ calculations regarding shareholder losses and questions the methodology used. At the same time, it argues that it has a solid balance sheet and intends to increase shareholder value, including through the planned merger with TAE Technologies, a company developing nuclear fusion technology.
The case of Trump Media shows how important expectations related to politics, the founder’s popularity and the future results of the company can be for stock market valuation. Bitcoin has become an additional risk factor, but not the only reason for the decline in the company’s value.
For investors who bought shares in the belief that Trump’s political success would also guarantee his company’s financial success, the balance sheet turned out to be exceptionally expensive.
