DJT$4.49▼ 24.5%Trump Media hit a record low. It may not be able to pay if lenders cash out Nov. 30
The stock fell 24.5% the day after the midterms. On Nov. 30, holders of its $1 billion of notes can ask for cash. Turned into stock at the Nov. 4 close, they are worth about 13 cents on the dollar.
KeyVex News··5 min readFact-checked against 4 public recordsKeyVex News··5 min readFact-checked against 4 public recordsDJT$4.49▼ 24.5%Close, Nov. 4. Prices from Tiingo.The short versionTap to readTap to close
- In May 2025, Trump Media borrowed by selling $1 billion of notes. Holders can swap them for stock at $34.722 a share. At $4.49, each $1,000 swapped gets shares worth about $129.
- The notes also let holders ask for their $1,000 back in cash on Nov. 30. The company's Nov. 2 filing says it may not have the cash on hand or access to financing to pay.
- At June 30, it held about $425 million of cash and short-term investments, plus about $720 million of digital assets, mostly bitcoin, and $480 million of equity securities.
- The other side: Trump Media says it could borrow, raise money or sell bitcoin. In August, it said it expected its cash and other sources to cover operations for at least 12 months.
- Next: third-quarter results on Nov. 9, then Nov. 30, then a Dec. 14 vote on its merger with TAE Technologies, which is developing fusion energy.
The fall: Trump Media & Technology Group, the owner of Truth Social, closed at $4.49 on Nov. 4, down 24.5% from $5.95 the day before.KeyVex It was its worst day, and its lowest close, since it began trading as Trump Media in March 2024.KeyVex It came the day after the Nov. 3 midterm election, in which Democrats won both chambers of Congress, CBS News projected. An S&P 500 fund rose 1.7% that day.CBS NewsKeyVex
Why it matters: The low lands 26 days before a date in Trump Media's own filings. On Nov. 30, holders of its $1 billion of notes, a kind of loan, can make it buy them back for 100% of principal, in cash.S-4/A Swapping a $1,000 note for stock instead would get shares worth about $129 at the Nov. 4 close, by KeyVex's math.S-4/AKeyVex On Nov. 2, the company told the SEC it "may not have sufficient cash on hand or access to financing" to buy them back.S-4/A
The stake: President Trump's revocable trust holds 114.75 million shares, about 41% of the company, the Nov. 2 filing says. His son Donald Trump Jr. is its trustee and votes the shares.S-4/A At the two closes, that stake fell from about $683 million to $515 million, by KeyVex's math. Forbes put the president's loss at $168 million, Benzinga reported.Benzinga
Trump Media's stock since it sold its notesDaily close, May 27, 2025 to Nov. 4, 2026 ▼ 80.5%Show chartHide chart
- 1May 29, 2025 The $1 billion of notes. Trump Media sells $1.0 billion of notes that convert at $34.722 a share. Close: $20.83.
- 2Dec. 18, 2025 The TAE merger is signed. An all-stock merger with TAE Technologies, a fusion company. Close: $14.86.
- 3Sept. 30, 2026 The merger filing. Trump Media files the merger registration. Close: $9.06.
- 4Nov. 2, 2026 The amended filing. The S-4/A sets the Dec. 14 vote and warns about Nov. 30. Close: $5.66.
- 5Nov. 4, 2026 The day after the midterms. Down 24.5% in a day. Close: $4.49.
View the data (364 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-11-04 | $4.49 | −24.5% |
| 2026-11-03 | $5.95 | +5.1% |
| 2026-11-02 | $5.66 | +1.3% |
| 2026-10-30 | $5.59 | −3.3% |
| 2026-10-29 | $5.78 | −3.2% |
| 2026-10-28 | $5.97 | −6.1% |
| 2026-10-27 | $6.36 | +3.6% |
| 2026-10-26 | $6.14 | −4.1% |
| 2026-10-23 | $6.40 | −3.2% |
| 2026-10-22 | $6.61 | −0.8% |
| 2026-10-21 | $6.66 | +2.9% |
| 2026-10-20 | $6.47 | +0.6% |
| 2026-10-19 | $6.43 | −8.0% |
| 2026-10-16 | $6.99 | −5.5% |
| 2026-10-15 | $7.40 | +2.5% |
| 2026-10-14 | $7.22 | −6.8% |
| 2026-10-13 | $7.75 | −2.8% |
| 2026-10-12 | $7.97 | −1.7% |
| 2026-10-09 | $8.11 | −1.1% |
| 2026-10-08 | $8.20 | −0.2% |
| 2026-10-07 | $8.22 | −5.0% |
| 2026-10-06 | $8.65 | +0.2% |
| 2026-10-05 | $8.63 | −3.1% |
| 2026-10-02 | $8.91 | +1.4% |
| 2026-10-01 | $8.79 | −3.0% |
| 2026-09-30 | $9.06 | −0.4% |
| 2026-09-29 | $9.10 | −0.2% |
| 2026-09-28 | $9.12 | −0.2% |
| 2026-09-25 | $9.14 | +0.4% |
| 2026-09-24 | $9.10 | +0.4% |
| 2026-09-23 | $9.06 | −3.4% |
| 2026-09-22 | $9.38 | +2.9% |
| 2026-09-21 | $9.12 | +3.1% |
| 2026-09-18 | $8.85 | +2.0% |
| 2026-09-17 | $8.68 | +1.5% |
| 2026-09-16 | $8.55 | −0.3% |
| 2026-09-15 | $8.58 | −3.1% |
| 2026-09-14 | $8.85 | +2.2% |
| 2026-09-11 | $8.66 | −1.4% |
| 2026-09-10 | $8.78 | +0.8% |
| 2026-09-09 | $8.71 | −5.6% |
| 2026-09-08 | $9.23 | +2.3% |
| 2026-09-04 | $9.02 | −5.3% |
| 2026-09-03 | $9.52 | +4.2% |
| 2026-09-02 | $9.14 | +0.9% |
| 2026-09-01 | $9.06 | −7.3% |
| 2026-08-31 | $9.77 | +1.4% |
| 2026-08-28 | $9.63 | −1.4% |
| 2026-08-27 | $9.77 | +2.8% |
| 2026-08-26 | $9.50 | +1.1% |
| 2026-08-25 | $9.40 | +1.1% |
| 2026-08-24 | $9.30 | +2.2% |
| 2026-08-21 | $9.10 | +6.9% |
| 2026-08-20 | $8.51 | +1.9% |
| 2026-08-19 | $8.35 | +3.6% |
| 2026-08-18 | $8.06 | −0.5% |
| 2026-08-17 | $8.10 | −2.1% |
| 2026-08-14 | $8.27 | −0.4% |
| 2026-08-13 | $8.30 | +0.4% |
| 2026-08-12 | $8.27 | −7.2% |
| 2026-08-11 | $8.91 | −5.1% |
| 2026-08-10 | $9.39 | −8.0% |
| 2026-08-07 | $10.21 | +3.2% |
| 2026-08-06 | $9.89 | −0.7% |
| 2026-08-05 | $9.96 | −3.7% |
| 2026-08-04 | $10.34 | +3.3% |
| 2026-08-03 | $10.01 | +1.5% |
| 2026-07-31 | $9.86 | −5.0% |
| 2026-07-30 | $10.38 | +5.4% |
| 2026-07-29 | $9.85 | −0.3% |
| 2026-07-28 | $9.88 | +3.3% |
| 2026-07-27 | $9.56 | +11.7% |
| 2026-07-24 | $8.56 | −3.7% |
| 2026-07-23 | $8.89 | −3.7% |
| 2026-07-22 | $9.23 | −6.0% |
| 2026-07-21 | $9.82 | +0.8% |
| 2026-07-20 | $9.74 | +0.8% |
| 2026-07-17 | $9.66 | +0.3% |
| 2026-07-16 | $9.63 | +0.6% |
| 2026-07-15 | $9.57 | +6.0% |
| 2026-07-14 | $9.03 | +6.0% |
| 2026-07-13 | $8.52 | −0.2% |
| 2026-07-10 | $8.54 | −0.1% |
| 2026-07-09 | $8.55 | +0.7% |
| 2026-07-08 | $8.49 | +4.4% |
| 2026-07-07 | $8.13 | −6.1% |
| 2026-07-06 | $8.66 | +1.4% |
| 2026-07-02 | $8.54 | +6.5% |
| 2026-07-01 | $8.02 | +3.6% |
| 2026-06-30 | $7.74 | +3.3% |
| 2026-06-29 | $7.49 | +0.9% |
| 2026-06-26 | $7.42 | +5.1% |
| 2026-06-25 | $7.06 | −6.1% |
| 2026-06-24 | $7.52 | −4.6% |
| 2026-06-23 | $7.88 | −3.0% |
| 2026-06-22 | $8.12 | −4.4% |
| 2026-06-18 | $8.49 | +4.8% |
| 2026-06-17 | $8.10 | −0.7% |
| 2026-06-16 | $8.16 | −3.3% |
| 2026-06-15 | $8.44 | +8.2% |
| 2026-06-12 | $7.80 | −5.5% |
| 2026-06-11 | $8.25 | +5.9% |
| 2026-06-10 | $7.79 | −4.5% |
| 2026-06-09 | $8.16 | +0.1% |
| 2026-06-08 | $8.15 | −1.5% |
| 2026-06-05 | $8.27 | −6.0% |
| 2026-06-04 | $8.80 | +2.0% |
| 2026-06-03 | $8.63 | −4.5% |
| 2026-06-02 | $9.04 | −4.5% |
| 2026-06-01 | $9.47 | +1.7% |
| 2026-05-29 | $9.31 | +4.6% |
| 2026-05-28 | $8.90 | +3.9% |
| 2026-05-27 | $8.57 | +3.5% |
| 2026-05-26 | $8.28 | +4.2% |
| 2026-05-22 | $7.95 | 0.0% |
| 2026-05-21 | $7.95 | −1.4% |
| 2026-05-20 | $8.06 | +0.8% |
| 2026-05-19 | $8.00 | −3.3% |
| 2026-05-18 | $8.27 | −4.6% |
| 2026-05-15 | $8.67 | −3.1% |
| 2026-05-14 | $8.95 | 0.0% |
| 2026-05-13 | $8.95 | +2.5% |
| 2026-05-12 | $8.73 | −1.1% |
| 2026-05-11 | $8.83 | −1.1% |
| 2026-05-08 | $8.93 | −1.0% |
| 2026-05-07 | $9.02 | −0.9% |
| 2026-05-06 | $9.10 | −1.1% |
| 2026-05-05 | $9.20 | 0.0% |
| 2026-05-04 | $9.20 | −2.0% |
| 2026-05-01 | $9.39 | +2.6% |
| 2026-04-30 | $9.15 | −0.2% |
| 2026-04-29 | $9.17 | +0.1% |
| 2026-04-28 | $9.16 | −7.9% |
| 2026-04-27 | $9.95 | +6.4% |
| 2026-04-24 | $9.35 | +2.0% |
| 2026-04-23 | $9.17 | −3.3% |
| 2026-04-22 | $9.48 | −3.5% |
| 2026-04-21 | $9.82 | −3.7% |
| 2026-04-20 | $10.20 | −0.6% |
| 2026-04-17 | $10.26 | +4.2% |
| 2026-04-16 | $9.85 | −3.4% |
| 2026-04-15 | $10.20 | +2.5% |
| 2026-04-14 | $9.95 | +3.6% |
| 2026-04-13 | $9.60 | +2.2% |
| 2026-04-10 | $9.39 | +1.4% |
| 2026-04-09 | $9.26 | −3.2% |
| 2026-04-08 | $9.57 | +4.0% |
| 2026-04-07 | $9.20 | −1.9% |
| 2026-04-06 | $9.38 | +2.2% |
| 2026-04-02 | $9.18 | +1.3% |
| 2026-04-01 | $9.06 | −2.4% |
| 2026-03-31 | $9.28 | +6.4% |
| 2026-03-30 | $8.72 | +3.0% |
| 2026-03-27 | $8.47 | −1.4% |
| 2026-03-26 | $8.59 | −6.5% |
| 2026-03-25 | $9.19 | +4.7% |
| 2026-03-24 | $8.78 | −3.0% |
| 2026-03-23 | $9.05 | +5.5% |
| 2026-03-20 | $8.58 | −0.9% |
| 2026-03-19 | $8.66 | −5.1% |
| 2026-03-18 | $9.13 | −6.8% |
| 2026-03-17 | $9.80 | +0.4% |
| 2026-03-16 | $9.76 | −0.4% |
| 2026-03-13 | $9.80 | −1.4% |
| 2026-03-12 | $9.94 | −4.1% |
| 2026-03-11 | $10.37 | +1.0% |
| 2026-03-10 | $10.27 | 0.0% |
| 2026-03-09 | $10.27 | +0.9% |
| 2026-03-06 | $10.18 | −5.2% |
| 2026-03-05 | $10.74 | −1.9% |
| 2026-03-04 | $10.95 | +2.9% |
| 2026-03-03 | $10.64 | −4.0% |
| 2026-03-02 | $11.08 | +3.5% |
| 2026-02-27 | $10.71 | −2.3% |
| 2026-02-26 | $10.96 | +0.6% |
| 2026-02-25 | $10.89 | +2.4% |
| 2026-02-24 | $10.63 | +6.7% |
| 2026-02-23 | $9.96 | −1.5% |
| 2026-02-20 | $10.11 | −4.4% |
| 2026-02-19 | $10.57 | +0.9% |
| 2026-02-18 | $10.48 | +5.8% |
| 2026-02-17 | $9.91 | −9.7% |
| 2026-02-13 | $10.98 | +0.8% |
| 2026-02-12 | $10.89 | −1.5% |
| 2026-02-11 | $11.06 | −1.7% |
| 2026-02-10 | $11.25 | −0.2% |
| 2026-02-09 | $11.27 | −1.6% |
| 2026-02-06 | $11.46 | +5.1% |
| 2026-02-05 | $10.89 | −12.5% |
| 2026-02-04 | $12.46 | +2.2% |
| 2026-02-03 | $12.19 | −1.1% |
| 2026-02-02 | $12.32 | −3.6% |
| 2026-01-30 | $12.78 | −5.6% |
| 2026-01-29 | $13.54 | −0.5% |
| 2026-01-28 | $13.61 | −3.3% |
| 2026-01-27 | $14.08 | +0.3% |
| 2026-01-26 | $14.04 | −3.4% |
| 2026-01-23 | $14.53 | −1.8% |
| 2026-01-22 | $14.79 | +4.7% |
| 2026-01-21 | $14.13 | +1.6% |
| 2026-01-20 | $13.91 | +0.3% |
| 2026-01-16 | $13.87 | +1.5% |
| 2026-01-15 | $13.66 | −2.3% |
| 2026-01-14 | $13.98 | −0.1% |
| 2026-01-13 | $13.99 | +0.5% |
| 2026-01-12 | $13.92 | −3.4% |
| 2026-01-09 | $14.41 | +2.9% |
| 2026-01-08 | $14.00 | +2.8% |
| 2026-01-07 | $13.62 | −4.9% |
| 2026-01-06 | $14.32 | −0.5% |
| 2026-01-05 | $14.39 | +4.5% |
| 2026-01-02 | $13.77 | +4.0% |
| 2025-12-31 | $13.24 | +5.3% |
| 2025-12-30 | $12.57 | −4.5% |
| 2025-12-29 | $13.16 | −4.4% |
| 2025-12-26 | $13.77 | −3.8% |
| 2025-12-24 | $14.31 | +1.1% |
| 2025-12-23 | $14.15 | −1.8% |
| 2025-12-22 | $14.41 | −10.4% |
| 2025-12-19 | $16.09 | +8.3% |
| 2025-12-18 | $14.86 | +41.9% |
| 2025-12-17 | $10.47 | −2.4% |
| 2025-12-16 | $10.73 | +2.6% |
| 2025-12-15 | $10.46 | −1.8% |
| 2025-12-12 | $10.65 | −2.4% |
| 2025-12-11 | $10.91 | −3.5% |
| 2025-12-10 | $11.30 | 0.0% |
| 2025-12-09 | $11.30 | +1.8% |
| 2025-12-08 | $11.10 | −2.3% |
| 2025-12-05 | $11.36 | −3.6% |
| 2025-12-04 | $11.79 | +2.4% |
| 2025-12-03 | $11.51 | +2.9% |
| 2025-12-02 | $11.19 | +2.2% |
| 2025-12-01 | $10.95 | −5.1% |
| 2025-11-28 | $11.54 | +4.2% |
| 2025-11-26 | $11.07 | +3.1% |
| 2025-11-25 | $10.74 | +1.4% |
| 2025-11-24 | $10.59 | +2.5% |
| 2025-11-21 | $10.33 | −0.2% |
| 2025-11-20 | $10.35 | +0.6% |
| 2025-11-19 | $10.29 | −4.5% |
| 2025-11-18 | $10.77 | −0.7% |
| 2025-11-17 | $10.85 | −2.0% |
| 2025-11-14 | $11.07 | −8.0% |
| 2025-11-13 | $12.03 | −4.8% |
| 2025-11-12 | $12.64 | −2.0% |
| 2025-11-11 | $12.90 | −3.9% |
| 2025-11-10 | $13.43 | +2.5% |
| 2025-11-07 | $13.10 | −1.7% |
| 2025-11-06 | $13.33 | −5.9% |
| 2025-11-05 | $14.17 | +2.5% |
| 2025-11-04 | $13.82 | −4.8% |
| 2025-11-03 | $14.52 | −5.3% |
| 2025-10-31 | $15.32 | 0.0% |
| 2025-10-30 | $15.33 | −4.1% |
| 2025-10-29 | $15.98 | −1.1% |
| 2025-10-28 | $16.16 | +0.8% |
| 2025-10-27 | $16.03 | +1.2% |
| 2025-10-24 | $15.84 | −0.4% |
| 2025-10-23 | $15.90 | +1.5% |
| 2025-10-22 | $15.66 | −1.9% |
| 2025-10-21 | $15.96 | −0.2% |
| 2025-10-20 | $15.99 | −1.2% |
| 2025-10-17 | $16.18 | +2.5% |
| 2025-10-16 | $15.78 | −3.0% |
| 2025-10-15 | $16.27 | −0.1% |
| 2025-10-14 | $16.28 | −1.7% |
| 2025-10-13 | $16.56 | +3.7% |
| 2025-10-10 | $15.97 | −6.4% |
| 2025-10-09 | $17.07 | −1.1% |
| 2025-10-08 | $17.26 | +1.4% |
| 2025-10-07 | $17.02 | −3.4% |
| 2025-10-06 | $17.62 | +1.6% |
| 2025-10-03 | $17.34 | +0.8% |
| 2025-10-02 | $17.20 | +3.5% |
| 2025-10-01 | $16.62 | +1.2% |
| 2025-09-30 | $16.42 | −2.9% |
| 2025-09-29 | $16.91 | −0.1% |
| 2025-09-26 | $16.93 | +0.7% |
| 2025-09-25 | $16.82 | −1.1% |
| 2025-09-24 | $17.00 | −2.7% |
| 2025-09-23 | $17.47 | −0.7% |
| 2025-09-22 | $17.60 | +0.9% |
| 2025-09-19 | $17.44 | +3.0% |
| 2025-09-18 | $16.93 | +0.1% |
| 2025-09-17 | $16.92 | −3.2% |
| 2025-09-16 | $17.48 | +0.1% |
| 2025-09-15 | $17.46 | +2.8% |
| 2025-09-12 | $16.99 | +0.4% |
| 2025-09-11 | $16.92 | +0.2% |
| 2025-09-10 | $16.88 | −0.1% |
| 2025-09-09 | $16.90 | −0.9% |
| 2025-09-08 | $17.05 | +2.2% |
| 2025-09-05 | $16.68 | −0.5% |
| 2025-09-04 | $16.76 | −1.2% |
| 2025-09-03 | $16.97 | −0.6% |
| 2025-09-02 | $17.08 | −2.6% |
| 2025-08-29 | $17.53 | −2.4% |
| 2025-08-28 | $17.95 | +0.2% |
| 2025-08-27 | $17.92 | −1.1% |
| 2025-08-26 | $18.12 | +5.2% |
| 2025-08-25 | $17.22 | −3.6% |
| 2025-08-22 | $17.87 | +2.8% |
| 2025-08-21 | $17.38 | +1.9% |
| 2025-08-20 | $17.06 | −2.0% |
| 2025-08-19 | $17.41 | −5.4% |
| 2025-08-18 | $18.41 | −0.5% |
| 2025-08-15 | $18.50 | +5.0% |
| 2025-08-14 | $17.62 | −2.0% |
| 2025-08-13 | $17.98 | +3.0% |
| 2025-08-12 | $17.46 | +1.3% |
| 2025-08-11 | $17.24 | +1.5% |
| 2025-08-08 | $16.99 | −0.8% |
| 2025-08-07 | $17.13 | +5.4% |
| 2025-08-06 | $16.25 | −0.9% |
| 2025-08-05 | $16.39 | −3.0% |
| 2025-08-04 | $16.89 | −0.2% |
| 2025-08-01 | $16.92 | −3.8% |
| 2025-07-31 | $17.59 | −1.0% |
| 2025-07-30 | $17.77 | −0.2% |
| 2025-07-29 | $17.81 | −5.2% |
| 2025-07-28 | $18.79 | −1.9% |
| 2025-07-25 | $19.15 | +0.2% |
| 2025-07-24 | $19.11 | −2.5% |
| 2025-07-23 | $19.59 | −1.4% |
| 2025-07-22 | $19.86 | +3.2% |
| 2025-07-21 | $19.25 | +3.1% |
| 2025-07-18 | $18.67 | −2.6% |
| 2025-07-17 | $19.16 | +1.2% |
| 2025-07-16 | $18.93 | +5.5% |
| 2025-07-15 | $17.94 | −1.9% |
| 2025-07-14 | $18.28 | −1.3% |
| 2025-07-11 | $18.52 | −2.2% |
| 2025-07-10 | $18.93 | −0.5% |
| 2025-07-09 | $19.03 | −1.1% |
| 2025-07-08 | $19.25 | +2.8% |
| 2025-07-07 | $18.73 | −1.2% |
| 2025-07-03 | $18.95 | +4.2% |
| 2025-07-02 | $18.19 | +2.6% |
| 2025-07-01 | $17.73 | −1.7% |
| 2025-06-30 | $18.04 | +3.7% |
| 2025-06-27 | $17.40 | −2.4% |
| 2025-06-26 | $17.82 | +0.5% |
| 2025-06-25 | $17.74 | −2.6% |
| 2025-06-24 | $18.21 | +1.8% |
| 2025-06-23 | $17.89 | +0.3% |
| 2025-06-20 | $17.83 | −4.0% |
| 2025-06-18 | $18.57 | +0.3% |
| 2025-06-17 | $18.51 | −0.9% |
| 2025-06-16 | $18.67 | −4.4% |
| 2025-06-13 | $19.52 | −2.1% |
| 2025-06-12 | $19.93 | −2.9% |
| 2025-06-11 | $20.52 | −1.9% |
| 2025-06-10 | $20.91 | −1.5% |
| 2025-06-09 | $21.22 | +1.5% |
| 2025-06-06 | $20.90 | +3.9% |
| 2025-06-05 | $20.12 | −8.0% |
| 2025-06-04 | $21.88 | +0.2% |
| 2025-06-03 | $21.84 | +2.1% |
| 2025-06-02 | $21.39 | +0.3% |
| 2025-05-30 | $21.33 | +2.4% |
| 2025-05-29 | $20.83 | −3.1% |
| 2025-05-28 | $21.49 | −6.8% |
| 2025-05-27 | $23.05 |
Source: Tiingo end-of-day closes, as traded, via KeyVex.Chart data
What the noteholders can do
Trump Media sold the notes in May 2025: $1.0 billion of principal, no interest, due in 2028, for $960 million in cash.S-4/A Each note can be turned into stock at $34.722 a share, 28.8 shares for every $1,000.S-4/A The notes also carry a second choice: on Nov. 30, each holder can make the company buy back its notes for cash. If some or all holders use that right, the filing says:S-4/A
TMTG could be required to pay up to approximately $1.0 billion in cash (plus any accrued and unpaid interest) to repurchase such TMTG Convertible Notes. TMTG may not have sufficient cash on hand or access to financing to satisfy its repurchase obligations under the Indenture when they become due.
The filing lists what it might do: a new credit facility to refinance the notes or, if that fails, other debt or new stock, or selling "our bitcoin or other digital asset holdings."S-4/A It also says it does not see paying in shares as an efficient use of its stock while the price stays well below $34.722.S-4/A
What Trump Media has
Its latest balance sheet is from June 30. It held $215 million of cash, $209 million of short-term investments and $31 million of restricted cash.10-Q It also held $720 million of digital assets, mostly bitcoin, $122 million of them set aside to back options trades, and $480 million of equity securities.10-Q Those digital assets and equity securities made up 59.4% of everything it owned.10-Q The notes are secured. At June 30, about $514 million of its cash, securities and bitcoin backed them, including the $31 million of restricted cash.10-Q
View the data
| What | Amount | Note |
|---|---|---|
| What noteholders can ask for on Nov. 30 (principal of the notes, up to) | $1.0B | |
| Cash and short-term investments (June 30, 2026) | $425M | |
| Digital assets, mostly bitcoin (June 30, 2026, including those set aside for options trades) | $720M | |
| Equity securities (June 30, 2026) | $480M |
Sources: Trump Media's S-4/A (the notes) and its 10-Q for the quarter ended June 30, 2026 (the balance sheet). Cash and short-term investments, and digital assets, are sums of balance-sheet lines, by KeyVex's math.
Since June 30, it has lent TAE another $100 million, on Oct. 7. That completed a $300 million loan that began with $200 million in December 2025.S-4/A8-K
Its August quarterly report said it expects its cash and current sources of liquidity to fund current operating activities for at least 12 months. It listed refinancing the notes as a separate possible step, and said it may refinance "if noteholders elect to exercise their right to cash repayment in November 2026."10-Q
The merger vote
On Dec. 14, Trump Media shareholders vote on its all-stock merger with TAE Technologies, which is developing fusion energy.S-4/A Holders on the Nov. 2 record date can vote. The trust has agreed to vote all 114.75 million of its shares in favor.S-4/A
With those shares committed, the filing says about 24.2 million more, roughly 9% of the company, must vote yes for the merger proposals to pass.S-4/A
TAE's board weighed the Nov. 30 date in backing the merger, the filing says. It considered the risk that buying back the notes "could reduce the capital and liquidity available to fund operations and development activities."S-4/A
Trump Media's filings do not say how many noteholders plan to ask for cash.S-4/A10-Q The next look at its cash comes on Nov. 9, when it reports third-quarter results after the market closes.Release
What to watch
The paper trail
The Trump Media filings cited here, Aug. 10 through Nov. 3, 2026, with the time EDGAR accepted them (Eastern).
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Nov. 3, 2026, 9:15 a.m. | 425 | Trump Media and TAE | Release: the amended S-4 is filed; third-quarter results on Nov. 9. |
| Nov. 2, 2026, 4:06 p.m. | S-4/A | Trump Media | Merger registration: Dec. 14 vote, Nov. 2 record date, the trust's 41%, the Nov. 30 note repurchase right and the cash warning. |
| Sept. 30, 2026, 8:42 a.m. | 8-K | Trump Media | The amended $300 million note to TAE. |
| Aug. 10, 2026, 4:16 p.m. | 10-Q | Trump Media | Second-quarter report: the June 30 balance sheet and the liquidity outlook. |
Sources
7 sources, 4 of them public records
Public records
- Trump Media & Technology Group Corp., amended registration statement on Form S-4/A (proxy statement/prospectus for the TAE Technologies merger)SEC EDGAR · Nov. 2, 2026
- Trump Media & Technology Group Corp., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · Aug. 10, 2026
- Trump Media & Technology Group Corp., Form 8-K (amended and restated TAE convertible note)SEC EDGAR · Sept. 30, 2026
- Trump Media and TAE Technologies release on the amended S-4 and the Nov. 9 results call (Form 425)SEC EDGAR · Nov. 3, 2026
Reporting
- "Trump Loses $168 Million in a Day as DJT Stock Crashes After Midterm Rout"Benzinga · Nov. 5, 2026
- CBS News live updates: the 2026 midterm electionsCBS News · Nov. 4, 2026
Data
- Daily prices for DJT, SPY and QQQ (Tiingo)KeyVex · through Nov. 4, 2026
How we got these numbers
- Prices are as traded. The Nov. 4 fall is the $4.49 close against the Nov. 3 close of $5.95 (24.5%). "Worst day" and "lowest close" compare every close from March 26, 2024, the first day the stock traded as Trump Media, through Nov. 4, 2026: the previous lowest close was $5.59 on Oct. 30, 2026, and the previous worst day was Nov. 7, 2024, down 23.0%. Earlier closes, when the ticker belonged to the blank-check company that merged with Trump Media, are not counted for "worst day": that company fell further on single days (29.6% on Oct. 26, 2021). The $4.49 close is also the lowest in the ticker's full history back to Sept. 30, 2021, so "record low" holds either way. The S&P 500 fund is SPY, up 1.7% on Nov. 4.
- The trust's stake is 114,750,000 shares (S-4/A); at $5.95 that is $682.8 million and at $4.49 it is $515.2 million, KeyVex's math. Forbes' $168 million figure is as Benzinga reported it. The conversion value is 28.8 shares (the conversion rate per $1,000 of principal, $34.722 a share) times the $4.49 close, $129.31, KeyVex's math. The S-4/A puts the notes outstanding at $983,505,000 of principal on its capitalization date and calls the possible cash repurchase "up to approximately $1.0 billion" plus accrued interest; the notes carry no interest.
- The June 30, 2026 balance sheet (10-Q, in thousands): cash and cash equivalents $215,463.0; restricted cash $30,738.9; short-term investments $209,183.1; equity securities $480,467.4; digital assets $597,675.6; digital assets pledged $122,111.9; convertible note receivable from TAE $200,000.0. "Cash and short-term investments" ($424.6 million) and "digital assets" ($719.8 million) are sums of those lines, KeyVex's math. The 10-Q's digital-asset note puts the unpledged $597.7 million at $557.1 million of bitcoin (9,477.16 bitcoin) and $40.6 million of Cronos tokens. The 59.4% share of total assets is the 10-Q's figure for digital assets, digital assets pledged and equity securities together. These values have moved since June 30 with prices; the third-quarter balance sheet is due Nov. 9. The 24.2 million shares (24,220,638) and "about 9%" are the S-4/A's figures.
- The election result is as CBS News projected it. The S&P 500 and Nasdaq 100 lines in the chart follow SPY and QQQ, as traded, rebased. The Filings switch shows the filing markers from KeyVex's Trump Media stock page, a selection of insider sales, Form 144 notices, 8-Ks and Congress trades: not every filing, and not only those tied to this story. The header image was generated for KeyVex by an image model. It is an illustration of the Sarasota, Florida bayfront, Trump Media's home city, not a photograph. This is a reading of Trump Media's filings and news reports, not investment advice.