Trump Media
The company behind Truth Social, about 41% owned by Trump’s trust. Since 2025 it has bought bitcoin and Crypto.com’s Cronos token and agreed to merge with the fusion company TAE Technologies.
- Launched
- Listed on Nasdaq in 2024
- Owned by
- Trump’s revocable trust holds about 41% of the shares; Donald Trump Jr. is its trustee and a company director.
On Who He Hired: Donald Trump
The money 6
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$254,000
DisclosedIn the total
Donald Trump Jr.’s pay as a Trump Media director for 2025: $47,489 in cash and $206,434 in stock awards, from the company’s amended annual report filed with the SEC.
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$685.1 million
On paperIn the paper total
Paper value of the 114.75 million Trump Media shares in Trump’s revocable trust, at the October 28, 2026 closing price of $5.97. The trust hasn’t sold any of them.
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$920 million
On paper
U.S. News & World Report’s value for Trump’s 114.75 million Trump Media shares in May 2026.
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$4.06 billion
On paper
Paper value of the 114.75 million shares Trump moved into his revocable trust, at the December 19, 2024 close of $35.41. CNBC put it at more than $4 billion.
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$3.7 million
Sales
Trump Media’s revenue for 2025, the year it reported a $712 million net loss. Company revenue, not Trump’s income.
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$2.5 million
Sales
Trump Media’s revenue for the first half of 2026, against a $644 million net loss, from its quarterly report to the SEC. Company revenue, not Trump’s income.
What the labels mean
- ConvictedA criminal jury found them guilty, or they pleaded guilty and were sentenced.
- Found liableA civil jury ruled against them.
- Court ruledA judge ruled against them or their policy.
- Watchdog foundAn inspector general, a congressional investigation, Congress’s auditors at the GAO, or a regulator.
- AdmittedThey acknowledged it, or their own filings and records show it.
- On recordSomething they said or did in public.
- ReportedNews reporting they deny or haven’t confirmed.
- AllegedAccusations from lawsuits, complaints or unnamed sources that haven’t been proven.
Verdicts and rulings 1
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Court ruled
A federal judge threw out Trump Media’s $3.8 billion defamation lawsuit against The Washington Post.
Judge Thomas Barber, a Trump appointee in Tampa, ruled on July 2, 2026 that Trump Media had not presented evidence that would let a jury find actual malice by clear and convincing evidence. The suit was over a May 2023 Post story on the company’s financing ahead of its merger. A Trump Media spokesperson said “a jury should decide whether these falsehoods were actionable” and that the company would decide whether to appeal. The spokesperson also said the Post had “finally admitted its harmful story was false,” referring to a correction the Post ran. The Post said it was “pleased with the court’s decision.”
Admitted or on record 8
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Admitted
Trump Media lost $712 million in 2025 on $3.7 million in revenue.
In 2026 it lost $405.9 million in the first quarter and $238 million in the second, for $644 million in the first half against $2.5 million in revenue. Most of those losses were unrealized losses on digital assets, pledged digital assets and equity securities: $368.7 million in the first quarter and $190.4 million in the second. Trump Media called most of the first-quarter loss “non-cash losses” and said second-quarter revenue rose 89% from a year earlier.
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Admitted
Trump Media paid $100 for a perpetual license to use Trump’s name and likeness.
The company’s amended annual report, filed April 30, 2026, says the $100 covered the entire term and that it has paid nothing else. Trump agreed to post non-political content on Truth Social first, under a six-hour exclusive. He can post anything he deems political anywhere at any time.
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Admitted
Trump gave all 114.75 million of his Trump Media shares to a revocable trust that Donald Trump Jr. runs as trustee.
The transfer on December 17, 2024 involved no purchase or sale. Trump is the trust’s settlor and sole beneficiary, and Don Jr. has sole voting and investment power over the shares. The stake was nearly 53% of the company then and 41% in April 2026.
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Admitted
Trump Media raised nearly $2.5 billion from about 50 institutional investors to buy bitcoin.
The deal was $1.5 billion in new stock and $1 billion in convertible notes, with Crypto.com and Anchorage Digital holding the coins. On June 30, 2026 the company held 9,477 bitcoin worth $557 million that had cost $1.006 billion, and 4,260 of them were collateral for the notes. It had another 2,077 bitcoin, worth about $122 million, pledged for an options strategy.
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Admitted
Trump Media bought Crypto.com’s Cronos token and planned a company with Crypto.com to hold it, a deal it called off in August 2026.
Trump Media said in August 2025 it would buy $105 million of the token, CRO. The planned company, Trump Media Group CRO Strategy, was to go public through a blank-check company, Yorkville Acquisition Corp., starting with 6.3 billion CRO, $200 million in cash and a $5 billion equity line; the 6.3 billion CRO were valued around $1 billion at the announcement and about $636 million by December 1, 2025. On June 30, 2026 Trump Media held 756 million CRO that had cost $113.9 million and were worth $40.6 million, and 684 million of them were under sales limits that start easing on August 26, 2026. Its quarterly report says the companies mutually ended the CRO Strategy deal on August 7, 2026.
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Admitted
Trump Media agreed to an all-stock merger with the fusion company TAE Technologies.
Trump Media’s shareholders would own about 53.8% of the combined company, TAE’s about 45.1% and Yorkville Ives about 1.2% through shares it gets as compensation for the deal; on a fully diluted basis the two sides would hold 49.5% each. Trump’s trust agreed to vote all 114.75 million of its shares for the deal, and shareholders vote on December 14, 2026. Trump Media has already lent TAE $300 million under a 7% convertible note, and either company may owe the other a $90 million fee if the deal is called off in certain circumstances. Kevin McGurn and Michl Binderbauer are expected to be co-CEOs of the combined company.
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On record
Trump said he wouldn’t sell his Trump Media shares, the week before a lock-up on them ended.
“No, I’m not selling. No, I love it,” he told reporters on September 13, 2024. The stock rose more than 25% at one point that day. His trust still held all 114.75 million shares in October 2026.
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On record
Devin Nunes stepped down as Trump Media’s CEO, and former Hulu executive Kevin McGurn became interim CEO.
The stock was about $9.70 that morning, down from more than $60 after the company went public in 2024. Nunes said the change would let him focus on chairing the President’s Intelligence Advisory Board. Donald Trump Jr., speaking for the board, thanked him for “his dedicated service to the Company over the past four years.”