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Donald Trump’s media company reported deep losses in the second quarter as it dropped crypto deals, pushed plans to sell fast access to his Truth Social posts, and focused on a pivot into commercially unproven nuclear fusion.
Trump Media & Technology Group reported a loss of $238mn, $1.7mn in revenue and total assets of nearly $2bn in the second quarter of 2026. Its net loss for the first half of 2026 rose to $644mn, compared to $52mn last year. TMTG largely blamed the fall in bitcoin prices for the losses.
But the company said it was moving ahead with its more than $6bn merger this year with TAE Technologies. The energy company has yet to generate any revenue from its fusion business but plans to bring a plant into operation in 2031.
“This company should be uncancellable,” said TMTG interim CEO Kevin McGurn on a call with investors on Monday. “We should fully control our media platform around a simple idea: our technology, our own infrastructure, and our own destiny. We believe the same principle extends to energy.”
He said energy would become a “strategic asset” amid the rise in electricity demand from AI and data centres.
President Trump created TMTG — parent company of his Truth Social platform — in 2021 after his supporters’ attack on the US Capitol on January 6 prompted Facebook, Instagram, X and YouTube to suspend his social media accounts.
After Trump won the 2024 election, TMTG bought thousands of Bitcoin. It recently launched Truth API to give investors fast access to the president’s market-moving public posts.
McGurn told the FT that about 10 groups had signed deals so far — mostly high-frequency traders — at a price of $60,000 to $100,000 a month.
McGurn said on Monday that TMTG was working on “an expansion” for retail traders and was in “active conversations with hyperscalers, some of the largest news organisations and developers of large language models”.
TMTG’s stock price has fallen almost 30 per cent this year. Chief executive Devin Nunes stepped down in April.
The US president’s trust owns 115mn shares of TMTG stock, which is worth more than $1bn. Trump is the sole beneficiary of the trust.
Truth Social’s visitor numbers have also fallen over the past year. Digital market intelligence company Similarweb estimates that the platform’s mobile app had about 261,000 daily active users in July, down from more than 436,000 a year earlier.
TMTG has dropped plans for further crypto expansion as it focuses on the TAE merger and has committed $300mn to the fusion start-up before the deal is complete.
TAE was founded in 1998 and is among the best-funded groups in the industry, although its fundraising pace has fallen behind rivals such as Helion Energy, backed by OpenAI’s Sam Altman.
The company has repeatedly pushed back its timeline for commercial fusion — which no company has ever achieved despite decades of research.
Fusion aims to recreate the reaction that powers the sun by fusing atomic nuclei in superheated plasma, rather than splitting atoms as in conventional nuclear power plants. Sceptics joke that commercial fusion is always “two decades away”.
Private fusion companies have attracted more than $11.5bn in funding to date, according to PitchBook, as Big Tech and energy companies bet on the “holy grail” of cheap electricity from relatively abundant fuel.
TMTG’s board is chaired by the president’s personal lawyer Boris Epshteyn. The other director is his eldest son, Donald Trump Jr. Trump’s campaign fundraiser Meredith O’Rourke is among the independent directors.
Michael Schwab, the managing director of Big Sky Partners and son of billionaire brokerage founder Charles Schwab, is expected to be named chair of the combined company.
Additional reporting by Daniel Thomas
