Trump Media & Technology Group Corp. (DJT)

Price$8.78Cached quoteAs of 2026-09-10 22:04 UTC

AI: Overvalued

Price checkThe stock price implies extreme sales expectations despite persistent losses and uncertain cash generation.

With about 278 million shares outstanding, the observed quote values DJT near $2.6 billion. Trailing revenue from Q3 2025 through Q2 2026 is about $4.5 million, so the market value is roughly 570 times recent sales. Trailing net loss is about $1.3 billion, making an earnings multiple unusable. Book equity at June 30 was $1.02 billion, putting the stock near 2.5 times book. These signals require dramatic growth that current operations have not yet demonstrated.

Big pictureInvestors are valuing a political media possibility, not a proven advertising or streaming business.

Revenue remains tiny and uneven: $3.68 million in 2025 versus $3.62 million in 2024, while the latest quarter rose 89% year over year to $1.67 million. That improvement came partly from barter advertising, Truth+ subscriptions, and ETF management fees; core Truth Social advertising declined in the quarter. The business is exposed to political attention, product launches, and crypto prices more than a normal media cycle. The bull case needs durable growth across ads, subscriptions, data licensing, and possibly fusion; the bear case is that excitement outruns cash earnings.

Business strengthThe balance sheet offers some support, but operating results remain too weak to make the value dependable.

The June 30 filing reported $1.86 billion of cash, securities, receivables, and digital assets against $970 million of debt. Only $215 million was cash and equivalents, while net debt—debt less cash—was about $753 million; digital assets and securities can lose value quickly. Total liabilities were $996 million against $1.02 billion of equity. Operating cash flow was positive $14.8 million in 2025 but negative about $13.7 million in the first half of 2026, so free cash flow, meaning cash left after running and investing in the business, has not proved durable. Six-month unrealized digital-asset losses were $360.6 million.

What could change the storyA successful Truth data service or fusion merger could support the price, but both require difficult execution.

An upside case requires measurable conversion of attention into cash. Truth API had more than 10 customers soon after launch, reportedly paying about $60,000–$100,000 monthly, but that would annualize to only roughly $7 million–$12 million before additional customers and faces legal scrutiny. The pending all-stock TAE merger could add a fusion business, yet the companies described an approximately 50/50 fully diluted ownership split. Shares rose from 220.7 million at 2024 year-end to 277.9 million at June 2026 despite buybacks, while 2025 financing inflow and investing outflow were about $2.25 billion and $2.27 billion.

AI: News

Second-quarter loss widensA large digital-asset loss drove a much wider quarterly loss, while revenue growth remained small in dollar terms.

On August 10, 2026, TMTG reported $1.67 million of second-quarter revenue, up 89% year over year, but a $238.0 million net loss versus $20.0 million a year earlier. The quarter included a $116.7 million digital-asset loss, a $71.8 million investment loss, and a $163.5 million operating loss. The stock fell 8% in regular trading that day, according to AP; that move cannot by itself prove the earnings report caused the decline.

Truth API launchesThe new data service created a possible low-cost revenue stream but immediately raised legal and trust concerns.

TMTG said Truth API launched August 1, 2026, giving paying customers low-latency access to public posts from selected top accounts. The Washington Post reported more than 10 customers within a week, generally paying $60,000–$100,000 per month, while noting that only modest revenue had been recognized. A lawsuit and warnings from legal experts questioned whether premium access to market-moving presidential posts could create securities-law or ethics problems. The opportunity matters only if customers persist and regulators allow it.

Crypto strategy resetManagement abandoned major crypto side ventures, signaling focus but confirming that recent diversification produced costly volatility.

On August 7, 2026, TMTG and its partners mutually terminated the planned Crypto.com-linked CRO strategy and scaled back direct prediction-market integration. The company said it would focus on media and the TAE merger. This reduces the risk of adding more speculative products, but it does not reverse the balance-sheet damage already visible: the first half included $360.6 million of unrealized digital-asset losses and $179.97 million of investment losses. The reset is strategically cleaner, not yet financially proven.

Fusion merger remains pendingThe proposed fusion merger offers a transformative story, but its value depends on approvals, funding, and commercial proof.

The TAE transaction announced in December 2025 was described as an all-stock combination valued above $6 billion, with each side owning about half of the combined company on a fully diluted basis. As of June 30, 2026, the merger remained pending, while a planned Truth Social spin-off had been discontinued. TMTG also committed a $200 million convertible note to TAE and may provide more funding. That creates upside potential, but it can consume capital and dilute existing holders before fusion generates revenue.

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Revenue

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$3.7M	$3.6M	$4.1M	$1.5M	—
Gross profit	$2.0M	$3.0M	$4.0M	$1.4M	—
Gross margin	54.51%	82.89%	96.01%	96.29%	—
Research & development	$42.8M	$49.1M	$9.7M	$13.6M	—
Operating expenses	$576.7M	$189.7M	$20.1M	$24.7M	$969,195
Operating income	−$573.0M	−$186.0M	−$16.0M	−$23.2M	−$2.0M
Operating margin	−15,560.85%	−5,140.90%	−386.52%	−1,580.91%	—
EBITDA	−$565.6M	−$183.1M	−$15.9M	−$23.2M	—
EBITDA margin	−15,359.32%	−5,059.83%	−385.05%	−1,576.89%	—
Net income	−$712.3M	−$400.9M	−$58.2M	$50.5M	−$2.0M
Net profit margin	−19,343.40%	−11,077.29%	−1,408.56%	3,435.82%	—
Basic EPSper basic share	-$2.80	-$2.36	-$0.67	$0.58	—
Diluted EPSper diluted share	-$2.80	-$2.36	-$0.67	$0.58	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈41.31%of listed shares

Trump Donald J. JR114.81M shares · Jun 19, 2026

View holders

Top 20 reported holders of DJT
Holder	% owned
Trump Donald J. JR	≈41.31%114.81M shares
TRUMP DONALD J	≈41.29%114.75M shares
Donald J. Trump Revocable Trust dated April 7, 2014	≈41.29%114.75M shares
BlackRock, Inc.	4.73%13.14M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.66%7.4M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.52%7.01M shares
GEODE CAPITAL MANAGEMENT, LLC	1.60%4.43M shares
STATE STREET CORP	1.51%4.19M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.11%3.1M shares
Yorkville Advisors Global, LP	0.82%2.28M shares
UBS Group AG	0.78%2.17M shares
Clear Street Group Inc.	0.58%1.62M shares
CANTOR FITZGERALD, L. P.	0.58%1.62M shares
NORTHERN TRUST CORP	0.52%1.45M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	0.49%1.36M shares
Nunes Devin G.	≈0.48%1.33M shares
VANGUARD FIDUCIARY TRUST CO	0.38%1.05M shares
Novachki Vladimir	≈0.34%944.2K shares
Quinn Opportunity Partners LLC	0.32%876K shares
Hancock Prospecting Pty Ltd	0.31%870K shares

Percentages use 277.93M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$10.5K disclosed value

Sells (SEC code S)31$25.63M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Nov 18, 2025Form 4	Glabe ScottGeneral Counsel and Secretary	BuyCommon Stock, par value $0.0001 per share	1.0K	$10.47	$10.5K	326.2K
Nov 17, 2025Form 4	Swider EricDirector	SellCommon Stock, par value $0.0001 per share	5.2K	$10.59	$55.1K	18.8K
Aug 29, 2025Form 4	Swider EricDirector	SellCommon Stock, par value $0.0001 per share	5.0K	$17.61	$88.0K	24.0K
Jun 10, 2025Form 4	Swider EricDirector	SellCommon Stock, par value $0.0001 per share	8.5K	$21.41	$182.0K	17.5K
May 14, 2025Form 4	Swider EricDirector	SellCommon Stock, par value $0.0001 per share	3.0K	$26.65	$80.0K	26.0K