8-K
Trump Media & Technology Group Corp. (DJT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 14, 2025
Trump Media & Technology Group Corp.
(Exact name of registrant as specified in its charter)
| Delaware | 001-40779 | 85-4293042 |
|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
401 N. Cattlemen Rd., Ste. 200
Sarasota, Florida 34232
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (941) 735-7346
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading<br><br> <br>Symbol(s) | Name of Each Exchange on Which Registered |
|---|---|---|
| Common stock, par value $0.0001 per share | DJT | The Nasdaq Stock Market LLC |
| Warrants, each whole warrant exercisable for one share common stock at an exercise price of $11.50 | DJTWW | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On February 14, 2025, Trump Media & Technology Group Corp. (the “Company”) issued a press release announcing its financial and operating results for the year ended December 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K and the press release furnished as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
|---|---|
| (d) | Exhibits. The following exhibits are filed with this Form 8-K: |
| --- | --- |
| Exhibit<br><br> <br>No. | Description of Exhibits |
| --- | --- |
| 99.1 | Press Release for Year Ended December 31, 2024, dated February 14, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Trump Media & Technology Group Corp. | ||
|---|---|---|
| Dated: February 14, 2025 | By: | /s/ Scott Glabe |
| Name: | Scott Glabe | |
| Title: | General Counsel |
Exhibit 99.1
TMTG Reports Full-Year 2024 Results
~ Ended 2024 with $777 Million in Cash & Short-Term Investments ~
~ Exploring Mergers & Acquisitions across Multiple Industries,
Evolving TMTG into a Holding Company ~
~ Approaching End of Beta Testing of Truth+ Video Streaming ~
~ Launching Truth.Fi Financial Services and FinTech Brand ~
SARASOTA, Fla., Feb. 14, 2025 (GLOBE NEWSWIRE) -- Trump Media and Technology Group Corp. (Nasdaq: DJT) ("TMTG" or the "Company"), operator of the social media platform Truth Social, the video streaming service Truth+, and the financial services and FinTech brand Truth.Fi, announced its financial results for the full year ending on December 31, 2024. These results are included in TMTG’s Annual Report on Form 10-K that will be filed with the Securities and Exchange Commission (the "SEC") today.
TMTG closed 2024 with a strong balance sheet comprised of $776.8 million in cash and short-term investments, strongly positioning the Company to advance its immediate goal of enhancing and expanding all its platforms—Truth Social, Truth+, and Truth.Fi. 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. Now, the Company has established a strong cash position to pursue further expansions and acquisitions, has opened up new frontiers for an iconic brand and has attracted approximately 650,000, largely retail, shareholders, as of October 15, 2024.
TMTG began with the launch of the free speech social media platform Truth Social, designed to provide an outlet for users, including President Trump, who were being subject to onerous political censorship on other platforms. In 2024, the Company continued its consistent efforts to enhance and refine the platform, including by introducing:
| • | live TV |
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| • | a personalized “For you” feed |
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| • | video ads on Truth Social apps |
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| • | an increased character count of 3,000 characters |
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| • | bookmarks |
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In 2024, the Company successfully rolled out the Truth+ video streaming service. Featuring news, entertainment, faith-based programming, and other family-friendly content, Truth+ is now nearing completion of beta testing and transitioning to a full launch. The introduction of Truth+ in 2024 entailed:
| • | creating a proprietary, multi-site content delivery network that is designed to be uncancellable |
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| • | launching streaming on the Web and through native apps for iOS, Android, and connected TVs |
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| • | offering an expanding streaming catalogue of live TV and video on demand |
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| • | providing ultra-fast TV streaming and cutting-edge features including live TV rewind with visual thumbnails, catch-up TV for up to seven days, network DVR, and a Spanish language interface option |
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Subsequent to 2024, TMTG announced the rollout of its financial services and financial technology strategy, including the launch of the Truth.Fi brand encompassing financial services and FinTech. To introduce the new brand, the Company has:
| • | reached an agreement to obtain secure payment processing capabilities to help monetize TMTG’s platforms through subscription services on Truth+ and various forms of e-commerce on Truth Social |
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| • | licensed the Truth.Fi brand to an investment adviser who has commenced preparations to launch a set of separately managed accounts (“SMAs”) in cooperation with Charles Schwab, as well as a slate of<br> exchange traded funds (“ETFs”) that will reflect America First principles; in connection with these efforts, TMTG has applied to trademark Truth.Fi Made in America ETF, Truth.Fi Made in America SMA, Truth.Fi U.S. Energy Independence ETF,<br> Truth.Fi U.S. Energy Independence SMA, Truth.Fi Bitcoin Plus ETF, and Truth.Fi Bitcoin Plus SMA. |
| --- | --- |
“After going public and listing on NASDAQ less than a year ago, TMTG developed quickly in 2024, and this year we aim to continue growing all our platforms,” said TMTG CEO and Chairman Devin Nunes. “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. Americans proved in 2024 that they’re looking for an alternative to cancel culture—they want to conduct their business and commerce free from debanking, political retaliation, and obnoxious corporate messaging that violates their values. TMTG aims to fill this demand and to expand throughout the Patriot Economy, combining with companies that complement our technology, brand, and America First principles.”
For the full year of 2024, TMTG had cash used in operating activities of $61.0 million, approximately half of which comprised legal expenses including costs related to the Company’s March 2024 merger with a special purpose acquisition company. Partly as a result of obstruction by the Biden-era Securities and Exchange Commission, which turned the process into one of the longest SPAC mergers in history, TMTG incurred significant legal expenses related to its merger and has brought litigation seeking to recoup its damages. Additionally, the company had non-cash losses, mostly in the first quarter—including $107.4 million in stock-based compensation expense and a further $225.9 million recorded as an accounting loss due to changes in the fair value of derivative liabilities.
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 had $3.6 million in net sales for the year, in addition to $11.6 million in net interest income, such revenue largely resulting from incipient advertising initiatives and tests of other monetization projects with various partners. In 2024 the Company focused on building out its ecosystem, improving the Truth Social platform, and expanding its range of services, such as constructing its own content delivery network to create the Truth+ video streaming platform. TMTG believes its robust and uncancellable infrastructure, expanding range of services and recent agreement to secure payment processing services will advance its monetization initiatives and open new avenues for generating revenue in 2025 and beyond.
Cautionary Statement About Forward-Looking Statements
This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of TMTG. We have based these forward-looking statements on our current expectations and projections about future events, including potential merger & acquisition activity, the rollout of products and features, the future plans, timing and potential success of the streaming services and the launch and success of our financial services and FinTech platform. Although we believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “soon,” “goal,” “intends,” or similar expressions. Forward-looking statements are not guarantees of future performance, and involve risks, uncertainties and assumptions that may cause our actual results to differ materially from the expectations that we describe in our forward-looking statements. There may be events in the future that we are not accurately able to predict, or over which we have no control.
About TMTG
The mission of TMTG is to end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back. TMTG operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations, as well as Truth+, a TV streaming platform focusing on family-friendly live TV channels and on-demand content. TMTG is also launching Truth.Fi, a financial services and FinTech brand incorporating America First investment vehicles.
Investor Relations Contact
Shannon Devine (MZ Group | Managing Director - MZ North America)
Email: shannon.devine@mzgroup.us
Media Contact
press@tmtgcorp.com