Trump Media Posts $238.1 Million Quarterly Loss While Sitting on $2 Billion in Cash

Trump Media & Technology Group, the parent company of Truth Social, reported a net loss of $238.1 million for the second quarter of 2026, according to the company's earnings release. That compares to a $20 million net loss in the same quarter last year. Revenue for the quarter came in at $1.7 million, according to Variety's review of the filing.

The headline loss number sounds catastrophic. The vast majority of the hit, $190.4 million, came from non-cash, unrealized losses on digital assets, digital assets pledged as collateral, and equity securities. The company holds a large pile of bitcoin and other crypto-linked assets, and when the price of those assets falls on paper, accounting rules force the company to book a loss even if nothing was sold.

TMTG ended the quarter with total assets of $2.0 billion and roughly $1.9 billion in financial assets, including cash, short-term investments, equity securities, a note receivable, and digital assets, according to the company. For a company that isn't yet generating meaningful revenue from its actual product, this cash position matters.

And the actual product is still tiny. Truth Social pulled in $1.7 million in revenue for the quarter, up 89% from $883,300 a year earlier. The base is under a million dollars. This is still a social media platform running on investor cash and a crypto treasury, not ad sales or subscriptions.

Legal costs also ate into the quarter. TMTG reported $25.6 million in legal expenses, which the company says relate primarily to legacy litigation that has now been substantially resolved. That's a meaningful drop-off if it holds, since legal fees have been a recurring drag on the company's books for years.

The Truth API Pitch, and the Pushback

On August 1, TMTG launched a new product called Truth API, which sells access to data from what the company calls the highest-ranking accounts on Truth Social, including President Trump's own posts. Pricing runs as high as $100,000 a month, according to the company's own announcement.

That price tag drew criticism from both parties. Senator Bill Cassidy, a Louisiana Republican, called it a form of "buying access," according to Variety's reporting. Democrats leveled similar criticism. The concern is straightforward: if the sitting president's social media company is charging six figures a month for privileged access to his posts, that looks like pay-to-play, regardless of who's writing the check.

A company more than 40% owned by a sitting president, selling premium access to that president's own online statements, invites exactly the kind of scrutiny it's getting. There's no indication in the available reporting that any specific buyer received a governmental or regulatory benefit in exchange for a Truth API subscription, and no investigation has been announced. TMTG hasn't disclosed who its institutional customers are.

TMTG's response, in its earnings statement, was blunt: the company said it had already onboarded a number of institutional customers before the August 1 launch and is continuing to sign up additional partners "despite receiving what it believes to be factually inaccurate criticism" of the product. The company did not elaborate on what part of the criticism it considers inaccurate, or name any of the institutional customers it has signed.

Donald Trump remains TMTG's largest shareholder, holding more than 40% of shares through a revocable trust, according to a Bloomberg report from July 21. Swings in TMTG's stock price and crypto holdings are swings in the president's own net worth, a dynamic that predates this quarter's numbers but that the Truth API rollout has affected.

What's Unresolved

TMTG hasn't disclosed the names of any Truth API institutional customers, what data those customers are actually getting for $100,000 a month, or whether any of them have business pending before the federal government. Until the company releases that information, or a regulator asks for it, the "buying access" question raised by lawmakers in both parties stays exactly where it is: an open allegation, not a proven one, resting on a company that hasn't shown its full customer list.