Reuters: Trump Media investors may have lost over $2.2 billion, and Trump's stake is still valued at $460 million

According to a report by Reuters, based on company filings and court records, external investors in Trump Media & Technology Group (DJT) have collectively lost over $2.2 billion. This estimate compares the issuance and sale prices of various batches of shares with the current price, adjusting for the impact of stock buybacks, and uses a market value accounting approach rather than tallying the realized trading losses of each investor. Trump Media disputes this calculation method, claiming it distorts facts, market dynamics, and the company's public documents, but did not specify the flaws in the calculation method. The company's General Counsel, Scott Glabe, stated that millions of shares are traded daily in the public market, making it impossible to know whether each seller ultimately made a profit or a loss.

Reuters reported that the method was reviewed by three finance professors and is considered a standard way to assess investment gains and losses. Trump holds 114.75 million shares of Trump Media, valued at approximately $460 million. These shares were acquired when the company completed its SPAC merger with Digital World Acquisition in 2024, without cash payment. The value of this holding once exceeded $6 billion when the stock price was near its peak. Operationally, Trump Media's annual revenue has remained around $4 million over the past three years, with the social media business not yet showing significant growth, and the decline in the value of cryptocurrency investments has also put pressure on the company.

Regulatory documents show that the company invested over $200 million to build the Truth Social streaming service, but this service generated only about $630,000 in revenue from its launch in August 2024 until the end of June 2026. Additionally, the timing of the company's Bitcoin purchases was close to the price peak, followed by a significant decline. Reuters interviewed more than a dozen Trump Media shareholders. One investor, who invested 20% of their personal net worth in the stock, provided account data showing an investment loss of 88.5%. Since the midterm elections, the company's stock price has fallen a cumulative 32%. Trump Media emphasized that the company has established a strong balance sheet and is focused on creating shareholder value, including advancing the proposed merger with fusion company TAE Technologies.