Trump Media said $190.4 million came from unrealized losses on digital assets, pledged digital assets, and equity securities. Meanwhile, adjusted EBITDA, using Trump Media’s own definition, deteriorated to a $223.5 million loss from a $12.8 million loss in Q2 2025. Trump Media said it has already signed more than 10 customer agreements. The Donald J. Trump Revocable Trust holds roughly 114.75 million Trump Media shares, or about 41% of the company, according to regulatory filings cited by Reuters. From social media to fusionTruth API may be the most immediately monetizable new product, but Trump Media’s largest strategic move has little to do with social media.