Trump’s Truth Social Stake Loses $1.3 Billion as His Golf Empire Posts Record Profits

Donald Trump’s fortune is split between two very different businesses. One trades on Wall Street and lurches with the price of Bitcoin. The other is built from clubhouses, fairways, and resort suites. Over the past year the digital side has slumped while the golf side has boomed, and together they anchor a net worth that Forbes placed at $6.5 billion as of March 2026.

The Digital Side Stumbles

The steepest losses come from Trump Media and Technology Group (NASDAQ:DJT), the parent company of Truth Social. For full-year 2025, the company reported a net loss of $712.3 million on just $3.7 million in revenue. Most of that loss was non-cash, tied to a drop in the value of the cryptocurrency it had accumulated on its balance sheet.

The losses have continued into 2026. Trump Media posted a $238 million net loss in the second quarter of 2026 alone, driven largely by $190 million in unrealized losses on digital assets. Combined with the first quarter, that brought net losses for the first half of 2026 to $644 million against just $2.5 million in revenue.

The company has been reinventing itself at a rapid pace. It built a Bitcoin treasury in 2025, then announced a $6 billion all-stock merger with California-based fusion-energy firm TAE Technologies in December 2025. That deal, targeting a close in the fourth quarter of 2026, is still working through regulatory approvals. An earlier plan to spin off Truth Social into a separate public company was formally scrapped in June 2026. The company’s newest revenue pitch is Truth API, a subscription service launched August 1, 2026, that gives institutional investors faster access to posts on Truth Social. Ten companies had signed up at launch, paying $60,000 to $100,000 per month.

None of these moves has steadied the stock. DJT debuted above $79 per share when it went public in March 2024, and has since fallen sharply. Its 52-week high stands at $18.97, and shares recently traded near $9.30. Forbes estimates the slide erased about $1.3 billion from Trump’s personal stake over the past year, leaving it worth roughly $1.2 billion.

The Golf Side Booms

Trump’s brick-and-mortar holdings have moved in the opposite direction. Forbes values his golf courses, both owned and licensed, collectively in the neighborhood of $1 billion, a major pillar of his broader fortune.

The engine behind that valuation is rising operating profit. Combined operating profits across his ten U.S. golf clubs climbed from $19 million in 2020 to $66 million in 2024, lifted by a wave of new memberships and steep initiation fees. Joining his marquee Bedminster club in New Jersey, for example, costs more than $350,000 to enter.

Mar-a-Lago Cashes In on Politics

No single property captures the intersection of politics and hospitality better than Mar-a-Lago, Trump’s private club in Palm Beach. Forbes now values it at about $560 million. The club doubled its initiation fee to $200,000 after Trump won the 2024 election, according to Bloomberg, and its operating profile has continued to strengthen since.

The political dividend is not a new phenomenon. In a 2016 deposition, Trump recalled his manager telling him that year had been the best the club ever had, crediting the presidential campaign. Business has only grown since.

Doral Rebounds, Turnberry Expands

Trump National Doral near Miami has also recovered strongly. The resort lost much of its northeastern clientele when Trump first ran for president, but operating income reached an estimated $25 million in 2024, double the best year from his first White House term. Trump refinanced the property in May 2022 with a $125 million mortgage, and Doral remains one of the largest assets in his portfolio.

Across the Atlantic, Trump Turnberry in Scotland has now opened its long-anticipated third course. Trump’s Twelve, a 12-hole Par 3 layout built on land previously occupied by the Arran Course, officially opened on August 10, 2026. Featuring holes ranging from 70 to 206 yards, it joins the legendary Ailsa Course and the King Robert the Bruce Course to give the Ayrshire resort 48 holes of golf.

A Casino Payday in the Bronx

The golf business has also set up a potential one-off windfall in New York. In 2023, Trump’s company sold its rights to operate a public golf course in the Bronx to Bally’s for $60 million. Buried in the deal was a clause promising an additional $115 million if Bally’s ever secured a casino license on the site. In December 2025, the New York Gaming Facility Location Board recommended Bally’s as one of its preferred applicants for a downstate license, putting the $115 million payment within reach. A final license award, however, remains subject to further regulatory and land-use approvals.

Two Businesses, Two Trajectories

The contrast tells a straightforward story. The market-traded, crypto-tied side of Trump’s empire swings hard with investor mood and Bitcoin prices, racking up hundreds of millions in quarterly losses even as the underlying media platform stays tiny. The golf courses, clubhouses, and resorts, by contrast, keep generating cash through the cycle. For now, the fairways are the steadier half of the fortune.

Editor’s note: This article has been updated to reflect Trump Media’s Q2 2026 net loss of $238 million and first-half 2026 total losses of $644 million, the formal scrapping of the Truth Social spin-off plan in June 2026, the August 2026 opening of Trump Turnberry’s Trump’s Twelve Par 3 course, the current DJT share price near $9.30 against its 2024 debut above $79, and the conditional status of the $115 million Bally’s casino payment pending a final New York license award.

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