Trump Media Wants In on AI. Can Truth Social Start Making More Money?

Trump Media has struggled to find a dependable pathway to revenue growth. (Dreamstime)

Truth Social, the social media platform co-founded by President Donald Trump, wants in on the artificial intelligence revolution.

Trump Media & Technology Group has applied to register “Truth Social AI” and “Truth Social AI Search” as trademarks in a push to develop an AI function on the platform, the parent company announced Wednesday. The company otherwise provided few details about what it would do or how it would make money.

Although he no longer has a majority stake, the president is Trump Media’s largest shareholder, and the company trades under his initials: DJT. Shares were rising 1.9% to $18.29 on Wednesday.

Trump Media did not immediately respond to Barron’s request for comment.

Trump Media stock experienced a brief boom after Trump’s election victory in November, but shares are down 47% so far this year. The company, which went public in March 2024, has struggled to find a dependable pathway to revenue growth, and it is unclear how the push into AI will help.

Trump Media posted a net loss of $400.9 million in 2024, with revenue of just $3.6 million. With a market capitalization of nearly $5 billion, the stock trades at about 1,100 times its sales over the last 12 months. For comparison, Meta Platforms trades at a ratio of under 11-to-1.

While revenue grew 7% year-over-year in the first quarter of 2025, advertisements on Truth Social were the only source of income, and more than 90% of ad revenue came from one customer. The company plans to start running ads on its nascent Truth+ streaming platform, but it has cautioned that progress will be slow.

“We expect to incur significant expenses and operating losses for the foreseeable future as we build and grow our streaming and infrastructure operations,” Trump Media wrote in its latest quarterly report.

Truth Social AI is one of a series of strategies the company has pursued to deliver a return for shareholders beyond the limited ad business.

In April, Trump Media joined with two investment firms to launch Truth Social-branded Separately Managed Accounts. The investment portfolios, which include what Trump Media called “non-woke” equities, are managed by Yorkville America Equities and Index Technologies Group.

The company has also filed to launch a crypto exchange-traded fund, having previously announced plans to acquire about $2.3 billion worth of Bitcoin and build a Bitcoin treasury.

Write to Nate Wolf at nate.wolf@barrons.com