Trump Media & Technology Group (TMTG), the media venture founded by former U.S. President Donald Trump, reported a staggering net loss of $54.8 million in the third quarter of 2025, marking a significant deterioration from previous financial periods. Revenue for the same quarter plummeted to just $972,900—falling below the $1 million threshold—underscoring the growing gap between the company’s ambitions and its actual performance.
This sharp financial downturn came despite persistent attention surrounding Truth Social, TMTG’s flagship social media platform, and Trump’s broader digital initiatives. The company’s legal expenditures ballooned to $20.3 million during the quarter, contributing heavily to the net loss. This imbalance between revenue and costs sent a clear signal to investors, with TMTG’s shares dropping by 3% in after-hours trading following the earnings disclosure.
Year-to-date, TMTG’s stock (traded under the ticker DJT) has shed over 62% of its value, recently closing at $12.90. The company’s stock performance remains highly volatile, particularly since its merger with a special purpose acquisition company (SPAC) in March 2024. Analysts continue to raise concerns over the lack of transparency around Truth Social’s active user count, with speculation that the platform’s metrics are more reflective of Trump’s personal influence than genuine market traction.
Alongside these financial challenges, Trump Media is navigating a wave of controversy related to Donald Trump’s increasing involvement in the cryptocurrency sector. Earlier this year, Trump announced the creation of a so-called U.S. Crypto Strategic Reserve, a move that triggered a short-term surge in digital asset prices. However, critics—including economist Peter Schiff—condemned the announcement as a manipulation tactic designed to benefit insiders. Schiff described the rally as the “biggest crypto rug pull in history” and called for a congressional investigation into the timing and potential conflicts of interest.
The situation intensified following Trump’s presidential pardon of Binance founder Changpeng “CZ” Zhao, who had been convicted in 2023 for violating the Bank Secrecy Act. The decision drew bipartisan criticism, with Senator Elizabeth Warren labeling the pardon a “pay-to-play” scheme. She alleged that firms with ties to Trump’s orbit, such as World Liberty Financial and Dominari Holdings, may have influenced the legal outcome.
Further allegations surfaced when Senator Chris Murphy accused Coinbase of receiving favorable regulatory treatment under Trump’s administration. Coinbase firmly denied the accusations, framing them as politically motivated. Still, the growing scrutiny underscores the complex intersection of Trump’s political ambitions, business interests, and the rapidly evolving crypto market.
In an effort to pivot the narrative and restore investor confidence, Trump Media recently announced a bold strategic move: a $6.4 billion partnership with Yorkville Acquisition Corp. and Crypto.com. The joint venture aims to launch a major digital asset initiative centered around Cronos (CRO), positioning TMTG as the largest public holder of the token. This mirrors MicroStrategy’s aggressive Bitcoin strategy and suggests a long-term bet on the institutionalization of crypto assets.
The goal, according to those familiar with the plan, is to reshape TMTG into a hybrid media and digital asset conglomerate. While the move carries the potential for high returns, it also introduces significant risk. Market analysts caution that overexposure to a single cryptocurrency—especially one not among the top-tier digital assets—could further destabilize TMTG’s already fragile financial standing.
Moreover, the strategy raises questions about corporate governance and fiduciary responsibility. With Trump’s name so deeply tied to both the company and its public perception, market reactions often hinge more on political developments than on business fundamentals.
The wider crypto community remains divided. Supporters view Trump’s crypto push as a visionary step toward integrating blockchain technology into mainstream financial and media ecosystems. Detractors, however, see it as a calculated play to blur the lines between political power and private gain, potentially undermining regulatory safeguards.
Even as Trump Media struggles to gain financial traction, Truth Social continues to be a rallying point for Trump’s political base. Yet its monetization model remains unclear. Advertisers appear hesitant, possibly due to the platform’s controversial content moderation policies and unpredictable user engagement patterns. Without a clear path to profitability, even the most ambitious crypto ventures may not be enough to reverse TMTG’s downward trajectory.
Looking ahead, TMTG faces mounting pressure to deliver results. Investors, regulators, and political opponents will be closely watching how the company balances its media operations with its crypto investments. Transparency, governance, and measurable performance indicators will likely determine whether the company can weather the storm or remain mired in controversy and financial instability.
In the broader context, Trump Media’s struggles reflect the challenges faced by SPAC-backed ventures that go public with significant hype but limited operational track records. The combination of political brand power, speculative assets like cryptocurrency, and high litigation costs creates a uniquely volatile business model—one that could either redefine digital capitalism or serve as a cautionary tale for future market entrants.
Ultimately, TMTG’s future hinges on its ability to pivot from spectacle to substance. With $6.4 billion now riding on digital assets and its media platform still searching for a viable revenue model, the company is at a critical inflection point. Whether it emerges as a disruptive force or collapses under the weight of its ambitions remains to be seen.