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Trump Media and Technology Group (TMTG) announced their full financial results for 2024, revealing hundreds of millions of dollars in cash and investments and reiterating their commitment to expand.
According to a press release, TMTG ended 2024 with $776.8 million in cash and short-term investments. This comes amid the company’s latest announcement that they would be expanding into the world of financial services, Truth.Fi, which adds to its free speech platform Truth Social and live-streaming tech Truth+.
“TMTG has achieved this result after launching its first product less than three years ago, amid severe repression of free speech across social media platforms, with the mission of opening up the Internet and giving people their voices back,” per the release.
Impressively, TMTG has attracted around 650,000 shareholders, the company stated, as of its last count on October 15, 2024.
The company used $61 million in cash 2024 to maintain operations, with around 50 percent of that amount channeled to legal expenses related to the 2024 merger with an acquisition company, which the press release explained was “partly a result” of a slow-walk on approval from the Securities and Exchange Commission during the Biden administration.
“TMTG incurred significant legal expenses related to its merger and has brought litigation seeking to recoup its damages,” the statement noted.
Further:
“The Company believes its balance sheet, having risen from $2.6 million in cash and short-term investments at the end of 2023 to $776.8 million at the end of 2024, strongly positions TMTG for the future relative to its current operating costs.”
TMTG was born in 2022 when President Donald Trump launched Truth Social, which gave him a platform to speak his mind amid widespread censorship on Big Tech sites like Instagram, Facebook, and at the time, Twitter.
President Trump still uses Truth Social to communicate his opinions and statements to the world, and he currently boasts nearly nine million followers on the platform as of February 2025.
TMTG CEO and Chairman Devin Nunes said in a statement this week that the company was committed to expanding and growing all their platforms.
“We will continue to explore opportunities to partner, merge with, and acquire other entities that are able to function effectively if TMTG evolves into a holding company with subsidiaries spanning several industries,” he said.
