this post was submitted on 10 May 2026
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Parent company of Truth Social reports $400M loss (www.ctvnews.ca)
submitted 1 day ago by sanitation@lemmy.radio to c/technology@lemmy.world
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[–] hitstun@feddit.online 14 points 19 hours ago

TMTG is also active in financial services, and the company announced US$2.5 billion in funding a year ago to invest in cryptocurrencies, one of Trump’s recent passions.

But the plunge in digital currencies hit this part of the business hard as the price of Bitcoin tumbled from over US$126,000 in early October to below US$70,000 in March.

It has since rebounded somewhat to over US$80,000.

Because the company is required to reveal the value of its investments, even if it hasn’t sold them, it recorded a loss of US$406 million for the first quarter.

“The vast bulk” of the loss was due to digital assets, the company stated.

So the parent company is also a crypto bank that lost value when their crypto lost value. Just another kind of grift.