Trump Media & Technology Group

The 2025 annual report dates formation of private TMTG and the start of business planning to this day, with Truth Social development beginning in June. That operating-company history is distinct from the corporate history of DWAC, through which it later became public.⁠[3]

TMTG signed a merger agreement with special purpose acquisition company Digital World Acquisition Corp. to enter the public market. DWAC’s filing also identified its merger subsidiary and shareholder representative ARC Global Investments II LLC among the parties.⁠[4]

The annual report dates general availability of Truth Social to the first quarter. Its full iOS launch, web debut and Android availability in Samsung and Google stores followed in April, May and October respectively. Direct messaging, groups and international availability were added over time.⁠[3]

The SEC charged DWAC with material misrepresentations concerning pre-IPO merger discussions with TMTG and related conflicts of interest. DWAC agreed to a cease-and-desist order and an $18 million penalty if it completed the merger. DWAC was the respondent in the announced enforcement action.⁠[5]

The annual report confirms completion on this date. Private TMTG survived as a wholly owned subsidiary, while DWAC changed its name to Trump Media & Technology Group Corp. The 2021 agreement and the 2024 closing were separate milestones.⁠[3]

The company announced streaming availability through Truth Social on Android, iOS and the web. By October 21, Truth+ had been released as a standalone product, followed by availability on Apple TV, Android TV and Amazon Fire TV by October 23.⁠[3]

The company announced a financial technology strategy involving customized separately managed accounts, exchange-traded funds and digital assets. Its annual report subsequently recorded the April launch of managed accounts and the December 30 launch of five Truth Social-branded ETFs. The brand, fund products and assets held on the company’s own balance sheet are distinct.⁠[3]

The company completed a private placement comprising approximately $1.44 billion of common stock and $1 billion principal amount of zero-coupon secured convertible notes due in 2028. These are financing amounts, not operating revenue or the value of bitcoin already purchased on that date.⁠[3]

The parties announced an all-stock transaction valued at more than $6 billion, with each shareholder group expected to own approximately 50% of the combined company on a fully diluted basis. TAE develops fusion-energy technology. The agreement and future power-plant plans did not constitute a completed merger, which remained subject to shareholder, regulatory and other conditions.⁠[6]

The company reported approximately $3.7 million of annual revenue and a consolidated net loss of $712.3 million, including unrealized losses on digital assets and related securities. Operating cash flow was positive $14.8 million, a different measure from accounting profit. Its approximately $2.5 billion “financial assets” figure was a non-GAAP aggregate, not cash alone.⁠[7]

The company appointed Kevin J. McGurn interim chief executive officer effective immediately, succeeding Devin Nunes. McGurn had served as an adviser since December 2024.⁠[8]

TMTG announced a confidential settlement resolving all claims among the company, Patrick Orlando and ARC Global Investments II LLC. The announcement did not disclose the terms or report a judicial determination on the merits.⁠[9]

The second-quarter release reported the commercial launch of Truth API, providing institutional customers with low-latency public Truth Social posts. This is a business-to-business content licensing service, distinct from consumer use of the social application.⁠[10]

TMTG, Crypto.com and Yorkville mutually terminated the proposed business combination to establish Trump Media Group CRO Strategy, citing market conditions and evolving priorities. The announcement also addressed certain anticipated ETF service arrangements while preserving other Yorkville ETF plans; it did not announce closure of all financial activities.⁠[11]

For the quarter ended June 30, revenue was approximately $1.7 million and consolidated net loss was $238.1 million, with $13.7 million of operating cash used. The company attributed much of the loss to unrealized digital-asset and equity-security losses. Its approximately $1.9 billion “financial assets” measure also included investments.⁠[10]

The parties announced filing of a Form S-4 registration statement, which was not yet effective. A concurrent Form 8-K stated that TMTG had already funded a $200 million note and that TAE could request up to a further $100 million within the agreed period. This did not mean the full $300 million had been funded. The merger remained proposed at the announcement date.⁠[12][2]

The annual report identifies risks involving limited operating history, user and revenue growth, competition and content moderation. The company’s descriptions of free expression and platform neutrality are not independent audit conclusions. Investment gains or losses, financing proceeds and the social platform’s operating performance also require separate assessment.⁠[3][7]

Trump Media: Official website: https://tmtgcorp.com/ (opens in a new window).⁠[1]

Trump Media Investor Relations: Official website: https://ir.tmtgcorp.com/ (opens in a new window).⁠[13]

Truth Social: Official website: https://truthsocial.com/ (opens in a new window).⁠[1]

Truth+: Official website: https://truthplus.tv/ (opens in a new window).⁠[14]

Trump Media: Official account: https://www.linkedin.com/company/tmtgcorp (opens in a new window).⁠[15]