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Forbes Reports Financial Losses for Investors in Trump-Linked Ventures; TMTG Stock Falls 90% from Peak

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Trump-Linked Ventures: Investors Face Heavy Losses

A Forbes report has detailed significant financial losses incurred by investors in several ventures associated with Donald Trump, including Trump Media & Technology Group (TMTG), World Liberty Financial, and memecoins. TMTG's stock has declined approximately 90% from its peak since becoming a public company in spring 2024.

Key Investment Declines

According to Forbes, the following declines were recorded for ventures linked to President Trump:

  • Trump Media shares declined 89% from their peak.
  • World Liberty tokens dropped 82%.
  • President Trump's memecoin fell 98%.
  • Melania Trump's memecoin dropped 99%.
  • American Bitcoin shares dropped 95%.

Forbes calculated that the Trump family cashed out $1.9 billion and holds $3.1 billion in remaining holdings. The magazine estimated that supporters lost a total of $7 billion across the ventures.

Investor Accounts

The Forbes report includes the following accounts from individual investors:

  • Vadim Fistikan, a truck driver, invested over $200,000 in Trump Media; the investment is now valued at $30,000.
  • Nick Pinto invested $480,000 in Trump's memecoin, later sold 75% of his holdings, incurring $250,000 in losses.
  • Ryan Kenney invested $98,000 in American Bitcoin; the current value is $9,000.

TMTG Business Performance

TMTG, the parent company of Truth Social, currently trades around $9 per share, representing a decline of approximately 90% from its peak. The stock has declined 30% in 2025 alone.

  • Revenue and Losses: 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. Initial projections from 2021 anticipated $3.7 billion in revenue by 2026.
  • Truth Social: Independent estimates indicate its user base is a small fraction of major platforms like Facebook or TikTok.
  • Cryptocurrency: TMTG announced a bitcoin trust, partnered with Crypto.com, and plans to launch a new cryptocurrency token and prediction market.
  • 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 yet 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.

Official Responses

  • The Trump Organization and Trump Media did not respond to requests for comment from Forbes.
  • The White House issued a statement on policy rather than addressing the ventures directly.

Legal Context

Forbes reports that Justin Sun, a crypto billionaire, alleged World Liberty defrauded and extorted him after he increased his investment. World Liberty countersued for defamation.

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.