Trump Media & Technology Group: A 90% Stock Decline Since Debut

Since going public via a SPAC merger in spring 2024, Trump Media & Technology Group (TMTG) has seen its stock price plummet approximately 90% from its peak. The parent company of Truth Social currently trades around $9 per share, with a 30% decline in 2025 alone.

TMTG reported $3.7 million in revenue for 2025 and a net loss of $712.3 million, against a market capitalization of $2.5 billion. These figures stand in stark contrast to initial projections from 2021, which anticipated $3.7 billion in revenue by 2026.

Business Developments

Truth Social

The social media platform has not achieved significant user adoption or revenue. Independent estimates indicate its user base is a small fraction of major platforms like Facebook or TikTok.

Cryptocurrency Expansion

TMTG announced a bitcoin trust, partnered with Crypto.com, and plans to launch a new cryptocurrency token and prediction market.

Truth Social-Branded ETFs

In December 2024, TMTG launched five Truth Social-branded ETFs, which have accumulated approximately $34 million in total assets — below the typical break-even range of $50–$100 million.

Nuclear Fusion Merger

TMTG announced a $6 billion merger with nuclear fusion company TAE Technologies in late 2025. The deal is not yet closed, and the technology is not commercially viable at scale. TMTG subsequently considered spinning off Truth Social post-merger.

CEO Change

In April 2025, former CEO Devin Nunes was replaced by interim CEO Kevin McGurn, who also heads a SPAC backed by the president's sons.

Investor Sentiment

Short interest in TMTG stands at approximately 14.5 million shares, representing about 9% of the public float, with a peak of 31% in December 2024.

Some long-term shareholders continue to hold the stock, citing potential from the nuclear fusion merger, while short sellers view the valuation as unsustainable without the president's political influence.