Trump Media investors lose $2.2 billion as Trump stake holds at $460 million

For some shareholders, the decline has been steep. Ske Jarzenske, a 52-year-old Austin, Texas, resident who invested 20% of his net worth in Trump Media & Technology Group, said his holdings were down 88.5%, according to a Charles Schwab statement he showed Reuters. He declined to disclose the dollar amount. “It’s been very disappointing and difficult to watch,” he said. Reuters interviewed more than a dozen shareholders, most of them three-time Trump voters, who said they had expected Truth Social to become a major media and streaming platform.

Reuters calculated losses across shares issued by Trump Media, predecessor entities including Digital World Acquisition Corp., and company insiders. The estimate accounts for share buybacks and draws on company filings and court records. Three finance professors reviewed the methodology and said it was generally accepted for assessing investor gains and losses. Trump Media disputed the calculation, calling it “dubious” and “biased.” General counsel Scott Glabe said it was impossible to know whether individual sellers had made a profit or loss.

The company said it had built a strong balance sheet and was focused on creating shareholder value, including through a proposed merger with nuclear fusion firm TAE Technologies. Its social media business, however, has struggled to attract users and generate revenue. Revenue has remained around $4 million annually for three years, while Truth Social’s streaming service brought in $630,000 from its launch in August 2024 through the end of June 2026, regulatory filings show. The company spent more than $200 million building the service. Its bitcoin purchase came near the asset’s peak before a sharp price decline.

Trump Media shares have fallen 32% since the midterm elections and reached record lows. Investors interviewed by Reuters cited mismanagement and alleged “naked short selling,” but Reuters found no evidence of the practice in the stock. Short interest is below the level analysts consider average for similarly sized companies. Trump Media’s filings warn that the value of its brand could diminish if Trump’s popularity falls.