Trump Media & Technology Group (TMTG), the parent company of Truth Social, said in a regulatory filing on Friday that it is “exploring mergers & acquisitions across multiple industries.” The company also shared that its cash and short-term investments surged from $2.6 million at the end of 2023 to $776.8 million by the end of 2024.
“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,” TMTG CEO Devin Nunes said in a statement accompanying the filing.
Nunes did not expand on the types of mergers Trump Media is targeting. The former California congressman added TMTG, which launched in 2021 and went public last year, is a great company for Americans “looking for an alternative to cancel culture.”
There were a handful of noteworthy financial details in the company’s 8-K filing. Last year, TMTG had $3.6 million in net sales, along with $11.6 million in net interest income; the company said its revenue was due largely to “incipient advertising initiatives and tests of other monetization projects with various partners.”
TMTG’s filing did not offer details on the big jump in cash and short-term investments. The company reported $61 million in cash used for operating activities, with about half of that going towards legal expenses. There was also $107.4 million in stock-based compensation last year.
The company’s video streaming service, Truth+, is “nearing completion of beta testing” and should have a wide launch in 2025, the filing added. The 8-K filing did not mention how many users Truth Social, the company’s X-like platform, had.
Trump Media — which trades on the Nasdaq under the DJT ticker symbol — enjoyed a nice Wall Street run leading up to the election, helping make the company worth more than the New York Times at one point. Its stock price has dropped 19% since Election Day, trading at $30.39 per share when markets closed on Friday; the company is worth $6.6 billion.
