Trump Media & Technology Group (TMTG) posted its Q3 earnings at a time when the U.S. administration is mired in controversy as the government shut down continues.
The official press release has laid out what appears to be an extremely rosy financial statement, but one that suggests a heavy ramp up of investments in social media, digital assets, and prediction markets—which have raised eye brows among government officials before particularly when it comes to cryptocurrency.
TMTG sits on a financial asset pile of $3.1 billion, which consists of cash, restricted cash, securities, digital assets, and short-term investments. The company has earned $15.3 million from option premiums connected to its Bitcoin investments and $13.4 million from other financial holdings. Operating cash flow for the quarter was $10.1 million.
“The third quarter was crucial to Trump Media’s expansion plans. Though we only went public last year, we’ve built up our own robust, uncancellable infrastructure, expanded into new sectors, formed extraordinary partnerships, secured our financial future with a massive bitcoin treasury, and expanded our existing platforms,” said TMTG CEO David Nunes.
U.S. democrat Senators have questioned Trump’s actions and his business ties on many occasions with one central claim: all of his decisions seem to benefit him and him only.
In August, Elizabeth Warren, Chris Van Hollen, and Ron Wyden called on the OCC (Officer of the Comptroller of the Currency) to investigate any possible conflicts of interest connected to the Trump family’s cryptocurrency ventures. Then again, in October, Warren criticized Trump’s decision to pardon Binance founder Changpeng Zhao, who oversees the largest cryptocurrency exchange in the world.
At the time of the pardon, Warren called attention to the indirect dealings between the two businessmen saying, “CZ pleaded guilty to a criminal money laundering charge and was sentenced to prison. But then he financed President Trump’s stablecoin and lobbied for a pardon. If Congress does not stop this kind of corruption, it owns it.”