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Business|As Truth Social Business Struggles, Trump Media Goes Big on Crypto
https://www.nytimes.com/2025/07/09/business/truth-social-trump-media-crypto.html
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The pivot to crypto highlights the reality of Truth Social, one of President Trump’s highest-profile business interests: It doesn’t generate much revenue.
July 9, 2025Updated 10:00 a.m. ET
Donald J. Trump has reinvented himself many times over, going from real estate developer to TV personality to world leader.
Now his social media company, Trump Media & Technology Group, which is the parent of the president’s Truth Social site, is undergoing its own metamorphosis, becoming a major player in the crypto industry.
In just the past few months, Trump Media has raised $2.5 billion in cash to invest in Bitcoin and is working to bring crypto-related exchange traded funds, or E.T.F.s, to market.
Mr. Trump has no official position at Trump Media and does not advise it on corporate policy. But he is the company’s largest shareholder, and he and his family have become big crypto boosters over the past year.
The pivot to crypto highlights the reality of one of the president’s highest-profile business interests. Truth Social may serve as Mr. Trump’s online megaphone, which he uses to attack his enemies, praise his allies and announce executive orders, tariffs and cease-fires. But the three-year-old social media platform has struggled to generate advertising revenue.
That has made Trump Media, which went public in March 2024, a consistently money-losing company, and its stock has been shedding value since its debut. This year, shares of Trump Media are down 43 percent.
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