The election of Donald Trump provided a big boost for Bitcoin, as the incoming president promised to make the U.S. “the crypto capital of the planet.” But when Trump Media & Technology Group announced on Tuesday it was investing $2.5 billion in a Bitcoin reserve, his company’s stock plunged 10%. It has recovered slightly since, but is still at its lowest point in the past month.
That’s likely because in diluting the Trump family’s share of the company’s stock below 50%, the Trumps could be outvoted. The company — which owns Truth Social, the social media site launched in 2022, a year after the Jan. 6 insurrection — has never made a profit. Before it went public in March 2024, Donald Trump owned 90% of the company.
Since returning as president, he put his shares in a “revocable trust,” in the name of his son Donald Trump Jr., with 114.8 million shares in Trump Media before Tuesday’s announcement, which adds 58.3 million shares to the issuance plan. The company does not have a separate share class with voting rights, which now puts Trump control of Trump Media in jeopardy.
Earlier this month, Barron’s reported that Trump Media’s CEO, former California congressman Devin Nunes, “was awarded $47,640,469 in stock and cash compensation last year, when the company’s revenue was $3,618,800. That put Nunes’ compensation at 13 times annual revenue.”
This time last year, Trump Media was considered a meme stock. In Q1 2025, the company posted a net loss of $31.7 million, with operating costs of $40.4 million, though revenue was up 7% year-over-year. That was a bump after its 2024 ended with a 12% year-over-year decline.
Last October, Trump Media expanded beyond Truth Social to launch a video streaming service, Truth+, “where you can watch the news you trust and shows and movies that Big Media has tried to blacklist,” according to the company’s website. Earlier this year it launched a financial services platform, Truth.Fi.