Core Insights - Trump Media and Technology Group Corp. has initiated public Beta testing for its new AI search feature, Truth Search AI, on the Truth Social platform [2][4] - The AI search feature is powered by Perplexity, aiming to provide contextually accurate answers with transparent citations, thereby enhancing user experience and information accessibility [3][4] - The Truth Search AI is currently available on the web version of Truth Social, with plans to roll out on iOS and Android apps soon [4] Company Overview - Trump Media's mission is to combat perceived censorship by Big Tech and promote free speech through its platforms, including Truth Social and Truth+ [6] - Truth Social is designed as a safe space for free expression, while Truth+ focuses on family-friendly streaming content [6] - The company is also launching Truth.Fi, a financial services and FinTech brand that aligns with an "America First" investment strategy [6] Partner Overview - Perplexity is an AI-driven answer engine that provides real-time answers from credible sources, aiming to bridge the gap between traditional search engines and AI interfaces [7] - The company, founded in 2022, answers over 150 million questions globally each week [7]

Group 1 - Trump's public statements on the stock market are not new, as he previously suggested it was a good time to buy before announcing a tariff pause, leading to a 9.5% increase in the S&P 500 [4][5] - On August 4, after the market closed, Trump posted on "Truth Social" that the stock market performed well, with the Dow Jones up 585.06 points (1.34%), S&P 500 up 91.93 points (1.47%), and Nasdaq up 403.45 points (1.95%) [3] - Trump's actions have raised concerns about market manipulation, with experts warning that he may be signaling he can manipulate the market without consequences [4][6] Group 2 - The "buy now" message from Trump on April 9 was followed by a significant market rally, recovering approximately $4 trillion in market value, which was 70% of the losses from the previous four trading days [5] - Trump's use of the signature "DJT" in his posts has drawn attention, as it is both his initials and the stock ticker for Trump Media and Technology Group, the parent company of "Truth Social" [6] - Despite Trump Media's significant losses of $400 million last year, the stock surged by 22.67% on the day of Trump's post, indicating a strong market reaction to his statements [6]

Core Insights - Trump Media has attracted significant attention since going public in 2024, maintaining a market capitalization in the billions despite generating almost no revenue [1]. Company Overview - The stock of Trump Media has shown resilience in market cap, indicating investor interest despite the lack of substantial business performance [1]. Market Context - The company operates in a challenging environment where actual revenue generation is minimal, raising questions about its long-term viability and investment potential [1].

Form 8-K Current Report [Registrant Information](index=1&type=section&id=Registrant%20Information) This section details the corporate information for Trump Media & Technology Group Corp., including its address and securities registered on Nasdaq and NYSE Texas - The report was filed by Trump Media & Technology Group Corp., located in Sarasota, Florida, on August 1, 2025[1](index=1&type=chunk) Securities Registered | Title of Each Class | Trading Symbol(s) | Exchange on Which Registered | | :--- | :--- | :--- | | Common stock, par value $0.0001 per share | DJT | The Nasdaq Stock Market LLC | | Common stock, par value $0.0001 per share | DJT | New York Stock Exchange Texas | | Redeemable Warrants, exercisable for one share common stock at $11.50 | DJTWW | The Nasdaq Stock Market LLC | | Redeemable Warrants, exercisable for one share common stock at $11.50 | DJTWW | New York Stock Exchange Texas | [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) The company announced its second-quarter financial and operating results for the period ended June 30, 2025, via a press release furnished on August 1, 2025 - The company issued a press release on August 1, 2025, to announce its financial and operating results for the second quarter ended June 30, 2025[5](index=5&type=chunk) - The information provided in this report and the associated press release (Exhibit 99.1) is not deemed "filed" for the purposes of Section 18 of the Exchange Act, which limits certain legal liabilities[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section enumerates the exhibits accompanying the Form 8-K filing, primarily the August 1, 2025, press release detailing financial results Exhibits Included | Exhibit No. | Description of Exhibits | | :--- | :--- | | 99.1 | Press Release, dated August 1, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=3&type=section&id=Signature) The report is officially signed and authorized by Scott Glabe, General Counsel and Secretary, on August 1, 2025 - The report was signed on August 1, 2025, by Scott Glabe, serving as General Counsel and Secretary[11](index=11&type=chunk)

Core Insights - Trump Media and Technology Group Corp. reported financial results for the fiscal quarter ending June 30, 2025, highlighting significant growth in financial assets and operational milestones [1][2]. Financial Performance - The company ended the second quarter with approximately $3.1 billion in financial assets, reflecting an 800% year-on-year growth [2]. - Trump Media achieved its first quarter of positive operating cash flow, totaling $2.3 million [4]. - Despite the positive cash flow, the company reported a net loss of $20.0 million for the quarter, influenced by $15.0 million in legal costs related to its 2024 SPAC merger [9]. Bitcoin Treasury Strategy - A key driver of the company's financial growth was the ability to raise nearly $2.4 billion for its Bitcoin treasury strategy, resulting in approximately $2 billion in Bitcoin and related securities [3]. - This strategy positions Trump Media as having one of the largest Bitcoin treasuries among public companies, providing indirect cryptocurrency exposure and enhancing financial security [3]. Product and Service Expansion - The company is advancing its plans for the Patriot Package subscription service for the Truth+ video streaming platform, currently in public Beta testing [5]. - Truth+ subscribers will receive additional features and benefits, including automatic verification on Truth Social and access to enhanced functionalities [5][6]. - A rewards program is being developed, incorporating a utility token for use within the Truth digital wallet, initially for Truth+ subscriptions [6]. Investment Vehicles - Trump Media is pursuing a range of investment vehicles, including Separately Managed Accounts and Exchange Traded Funds (ETFs), with registration statements filed for multiple ETFs [7].

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) H1 2025 unaudited financials show significant asset growth, reduced net loss, and strong financing cash inflows [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $3.25 billion by June 30, 2025, driven by cash and new securities, with liabilities rising Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,343,901.7 | $170,236.1 | | Restricted cash | $1,000,000.0 | - | | Trading securities | $122,366.4 | - | | Total current assets | $3,096,731.1 | $784,258.1 | | Total assets | $3,247,255.7 | $938,287.5 | | **Liabilities & Equity** | | | | Total current liabilities | $23,354.1 | $17,301.5 | | Convertible notes | $934,300.7 | - | | Total liabilities | $965,127.4 | $24,697.4 | | Total stockholders' equity | $2,281,897.9 | $913,590.1 | | Total liabilities and equity | $3,247,255.7 | $938,287.5 | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) H1 2025 net loss significantly decreased to $51.7 million due to absence of prior year's derivative liability charge Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net sales | $1,704.5 | $1,607.4 | | Total operating costs and expenses | $84,747.5 | $118,618.5 | | Loss from operations | ($83,043.0) | ($117,011.1) | | Interest income | $24,831.7 | $2,161.5 | | Investment income | $11,085.0 | - | | Change in fair value of derivative liabilities | - | ($225,916.0) | | Net loss | ($51,728.5) | ($343,967.7) | | Basic and Diluted Loss per share | ($0.22) | ($2.67) | - Total stock-based compensation expense for the six months ended June 30, 2025 was **$35.6 million**, a significant decrease from **$84.6 million** in the same period of 2024[16](index=16&type=chunk) [Unaudited Condensed Consolidated Statements of Stockholders' Equity/(Deficit)](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity%2F%28Deficit%29) Stockholders' equity dramatically increased to $2.28 billion by June 30, 2025, primarily from reverse recapitalization and PIPE financing - The company issued **55,857,181 shares** of common stock in a PIPE financing, resulting in a **$1.39 billion** increase in paid-in capital during the quarter ended June 30, 2025[20](index=20&type=chunk) - Total stockholders' equity grew from **$913.6 million** at the end of 2024 to **$2.28 billion** by June 30, 2025[20](index=20&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 saw $7.4 million net cash used in operations, $132.1 million in investing, and $2.31 billion provided by financing activities Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($7,434.7) | ($30,754.3) | | Net cash used in investing activities | ($132,056.6) | ($2,141.9) | | Net cash provided by financing activities | $2,313,156.9 | $374,277.9 | | Net change in cash, cash equivalents, and restricted cash | $2,173,665.6 | $341,381.7 | | Cash, cash equivalents, and restricted cash, end of period | $2,343,901.7 | $343,954.4 | - Major financing activities in the first six months of 2025 included **$960 million** from convertible notes and **$1.395 billion** from a PIPE financing[23](index=23&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the DWAC merger, new business lines, VIE consolidation, major financing, and numerous ongoing legal proceedings - The business combination with DWAC on March 25, 2024, was accounted for as a reverse recapitalization, with TMTG as the accounting acquirer[26](index=26&type=chunk) - TMTG has consolidated a Variable Interest Entity (VIE), Yorkville America, LLC, for which it is the primary beneficiary Yorkville America serves as the Registered Investment Advisor for TMTG's Truth.Fi financial products[35](index=35&type=chunk)[36](index=36&type=chunk) - On May 29, 2025, the company issued **$1 billion** in 0.00% convertible senior secured notes and sold **55.9 million shares** for **$1.4 billion** in a PIPE financing to fund its bitcoin strategy and for general corporate purposes[77](index=77&type=chunk)[95](index=95&type=chunk) - The company is involved in multiple, complex legal proceedings with parties including United Atlantic Ventures (UAV), ARC Global Investments, and Patrick Orlando, concerning stock ownership, conversion ratios, and other matters[106](index=106&type=chunk)[111](index=111&type=chunk)[122](index=122&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strengthened financial health, strategic expansion into media, financial services, and Bitcoin treasury, with improved operating results [Overview](index=33&type=section&id=Overview) The company outlines its strategic initiatives including Truth Social, Truth+, Truth.Fi financial services, and a new Bitcoin treasury strategy - The company ended Q2 2025 with **$3.09 billion** in cash, cash equivalents, restricted cash, short-term investments, and trading securities[140](index=140&type=chunk) - TMTG is expanding into financial services with its Truth.Fi brand, which will offer Separately Managed Accounts (SMAs) and Exchange-Traded Funds (ETFs) focused on 'America First' principles and digital assets[153](index=153&type=chunk)[155](index=155&type=chunk) - The company is implementing a bitcoin treasury strategy, funded by a **$1.44 billion** equity placement and a **$1.0 billion** convertible note offering, to acquire bitcoin and ensure financial freedom[156](index=156&type=chunk)[158](index=158&type=chunk) [Consolidated Results of Operations](index=35&type=section&id=Consolidated%20Results%20of%20Operations) H1 2025 revenue increased 6% to $1.7 million, with operating loss narrowing by 29% due to reduced stock-based compensation Comparison of Results for the Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Variance ($) | Variance (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,704.5 | $1,607.4 | $97.1 | 6% | | Loss from operations | ($83,043.0) | ($117,011.1) | $33,968.1 | (29%) | | Interest income | $24,831.7 | $2,161.5 | $22,670.2 | 1,049% | | Investment income | $11,085.0 | - | $11,085.0 | 100% | | Change in fair value of derivative liabilities | - | ($225,916.0) | $225,916.0 | (100%) | | Loss before income taxes | ($51,418.2) | ($343,967.7) | $292,549.5 | (85%) | - The decrease in operating loss was primarily driven by lower stock-based compensation, which fell from **$84.6 million** in H1 2024 to **$35.6 million** in H1 2025[16](index=16&type=chunk)[179](index=179&type=chunk)[182](index=182&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity significantly strengthened by over $3 billion in cash and investments from recent financing, supporting operations for at least 12 months - The company raised approximately **$2.4 billion** in May 2025 through a PIPE financing (**$1.395 billion** gross proceeds) and the issuance of convertible notes (**$1 billion** principal amount)[196](index=196&type=chunk) - A **$1 billion** restricted cash balance serves as collateral for the convertible notes and may be used to purchase Bitcoin[189](index=189&type=chunk) - On June 23, 2025, the Board of Directors authorized a share repurchase program for up to **$400 million** of common stock, with no shares repurchased as of June 30, 2025[200](index=200&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk profile shifted to high bitcoin volatility, which will materially impact earnings due to its price fluctuations - The company's primary market risk has shifted to the high volatility of bitcoin, which it began acquiring subsequent to June 30, 2025, as part of its new treasury strategy[222](index=222&type=chunk) - Bitcoin will be accounted for as an indefinite-lived intangible asset, with changes in fair value recognized in the consolidated statements of operations each period[222](index=222&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were ineffective as of June 30, 2025, due to a material weakness in internal controls over financial reporting - As of June 30, 2025, management concluded that disclosure controls and procedures were not effective[224](index=224&type=chunk) - The ineffectiveness is due to a material weakness in internal control over financial reporting, specifically the failure to design and maintain formal accounting policies for complex transactions and a lack of sufficient personnel with SEC reporting experience[224](index=224&type=chunk)[225](index=225&type=chunk) - Remediation efforts are underway, including hiring additional staff, engaging third-party experts, and formalizing business processes and internal controls[225](index=225&type=chunk) [PART II - OTHER INFORMATION](index=47&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 16 of the financial statements for details on the company's multiple ongoing and complex legal litigations - For information regarding legal proceedings, the report directs readers to Note 16 - Commitments and Contingencies in the financial statements[228](index=228&type=chunk) [Item 1A. Risk Factors](index=47&type=page&id=Item%201A.%20Risk%20Factors) This section details material risks, including new disclosures related to the digital asset treasury strategy and substantial indebtedness [Risks Related to Our Digital Asset Treasury Strategy](index=47&type=section&id=Risks%20Related%20to%20Our%20Digital%20Asset%20Treasury%20Strategy) Bitcoin strategy introduces significant risks from high volatility, adverse accounting/tax impacts, regulatory uncertainty, and counterparty risks - Bitcoin is identified as a highly volatile asset, and its price fluctuations are likely to significantly influence the company's financial results and stock price[229](index=229&type=chunk)[243](index=243&type=chunk) - The adoption of ASU 2023-08, which requires marking bitcoin to fair value through net income, could increase earnings volatility and potentially subject the company to the Corporate Alternative Minimum Tax (CAMT)[237](index=237&type=chunk)[239](index=239&type=chunk)[241](index=241&type=chunk) - The company faces significant counterparty risks, particularly with custodians holding its bitcoin, as insolvency could lead to a loss of assets[235](index=235&type=chunk)[294](index=294&type=chunk) [Risks Related to our Convertible Notes and Potential Future Indebtedness](index=60&type=section&id=Risks%20Related%20to%20our%20Convertible%20Notes%20and%20Potential%20Future%20Indebtedness) Substantial indebtedness could adversely affect capital raising, operations, debt servicing, and constrain the bitcoin strategy - The company's level of debt could limit its ability to obtain additional financing, dedicate cash flow to business activities, and react to competitive pressures[299](index=299&type=chunk) - The company may not have the ability to raise the funds necessary to repurchase the Convertible Notes upon a fundamental change or at the mandatory repurchase date of November 30, 2026[302](index=302&type=chunk)[304](index=304&type=chunk) - Collateral requirements for the Convertible Notes, which mandate a specific Loan-to-Collateral ratio involving bitcoin and cash, may constrain the company's bitcoin strategy[310](index=310&type=chunk) [Risks Related to Our Share Repurchase Program](index=62&type=section&id=Risks%20Related%20to%20Our%20Share%20Repurchase%20Program) The $400 million share repurchase program is discretionary, not guaranteed to enhance value, and could impact stock price or liquidity - The Board authorized a **$400 million** share repurchase program, but there is no guarantee any shares will be purchased or that the program will enhance stockholder value[311](index=311&type=chunk)[312](index=312&type=chunk) - The share repurchase program could negatively impact the stock's trading price, increase volatility, reduce market liquidity, or reduce available cash[313](index=313&type=chunk) [Risks Related to TMTG's Business and Industry](index=63&type=section&id=Risks%20Related%20to%20TMTG%27s%20Business%20and%20Industry) Operational risks include service disruptions, cybersecurity threats, investment activity risks, and challenges from unfavorable media coverage - The company is a particularly attractive target for cyber-attacks due to its prominence and association with Donald J Trump A recent cyber-attack compromised its auditor's internal drive, which contained TMTG-related data[316](index=316&type=chunk)[320](index=320&type=chunk) - The company has filed multiple defamation lawsuits against media outlets, including The Washington Post and others, for what it alleges is false and misleading coverage[332](index=332&type=chunk)[333](index=333&type=chunk) - The company may engage in complex financial transactions, including writing covered call/put options, reverse repurchase agreements, and short sales, each carrying significant risk of loss[321](index=321&type=chunk)[324](index=324&type=chunk)[326](index=326&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds occurred during the period, nor any issuer repurchases - There were no unregistered sales of equity securities or use of proceeds from such sales during the reporting period[336](index=336&type=chunk) [Item 3. Defaults Upon Senior Securities](index=67&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the period - None[337](index=337&type=chunk) [Item 4. Mine Safety Disclosures](index=67&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[338](index=338&type=chunk) [Item 5. Other Information](index=67&type=section&id=Item%205.%20Other%20Information) No other material information required to be disclosed, and no director/officer trading agreements were adopted or terminated - During the quarter ended June 30, 2025, no directors or officers adopted or terminated a Rule 10b5-1 trading agreement[340](index=340&type=chunk) [Item 6. Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists key exhibits including corporate documents, convertible note indenture, PIPE financing agreements, and certifications - Exhibits filed include the Indenture for the May 2025 Convertible Senior Secured Notes and the subscription agreements for the PIPE and Convertible Note financings[343](index=343&type=chunk)

Group 1 - The core viewpoint of the articles highlights Trump's extensive involvement in the cryptocurrency industry, including investments in various projects and a recent $300 million investment in a Bitcoin-related options strategy by Trump Media Technology Group (DJT.US) [1] - Trump Media Technology Group has accumulated approximately $2 billion in Bitcoin and related assets, indicating a significant commitment to the cryptocurrency market [1] - The use of options trading represents a relatively novel approach for companies looking to capitalize on the volatility of cryptocurrency prices, potentially offering high returns but also introducing new risks [1][3] Group 2 - Nic Carter, a partner at Castle Island Ventures, acknowledges Trump's role as an advocate for the cryptocurrency industry while also raising concerns about potential conflicts of interest due to his financial ties to the sector [2] - Trump's wealth has significantly increased due to cryptocurrency investments, with an estimated gain of at least $620 million over the past year [3] - The specific assets involved in the options strategy remain unclear, but they could include various Bitcoin-related securities, which may serve as leveraged bets on Bitcoin price increases [3] Group 3 - The timing of Trump Media Technology Group's options strategy is particularly noteworthy, as options trading introduces both timing and pricing factors that are not present when simply holding the underlying asset [4] - The potential for high returns from options trading is evident, as many cryptocurrency mining companies have successfully entered the derivatives market to enhance their profitability [3]

Financial Position - Trump Media holds approximately $2 billion in Bitcoin and Bitcoin-linked assets, representing about two-thirds of its liquid assets [1] - Since May, Trump Media has allocated $15 billion from stock sales and $1 billion from convertible bonds to purchase Bitcoin [2] - The firm has set aside $300 million for Bitcoin options [2] Market Performance - Trump Media's shares surged as much as 9% Monday morning, settling around a 4% gain by early afternoon [1] - President Trump's stake in Trump Media is valued near $23 billion [1] - Bitcoin prices hit nearly $123000 last week [3] Strategic Initiatives - Trump Media plans to keep buying Bitcoin depending on market conditions [2] - Trump Media is preparing to launch a trio of crypto ETFs later this year in partnership with Crypto(.)com [2] Regulatory Landscape - The timing comes amid fresh U S crypto legislation, including the recent signing of the GENIUS stablecoin act by Trump and the passage of two additional crypto-related bills in the House [3]

🇺🇸 LATEST: Trump Media & Technology Group ($DJT) has become the fifth largest corporate Bitcoin holder. https://t.co/D4oHPOSSZw ...

Core Insights - Trump Media and Technology Group has accumulated approximately $2 billion in bitcoin and related assets, significantly increasing its financial profile in the crypto space [1][2] - Bitcoin holdings represent about two-thirds of Trump Media's total liquid assets, indicating a strong reliance on cryptocurrency for its financial health [2] - The company's shares experienced a notable increase, rising as much as 9% upon market opening, reflecting positive investor sentiment [2] Company Developments - Trump's stake in Trump Media is valued at nearly $2.3 billion, showcasing his substantial financial interest in the company [2] - The announcement highlights the extent to which Trump and his family have integrated digital currency into their wealth portfolio, with crypto now constituting a major portion of Trump's net worth [3] Industry Positioning - Trump, previously skeptical about digital currencies, is now advocating for the U.S. to become the world's crypto capital, demonstrating a significant shift in his stance [4] - Actions taken by Trump include signing an executive order to create a "strategic bitcoin reserve," appointing a "crypto czar," and pushing for the passage of various crypto-related legislation [4] - The recent signing of the GENIUS Act into law, which received bipartisan support, further solidifies the administration's commitment to advancing cryptocurrency initiatives [4]