WASHINGTON, United States (AFP) — The parent company of Truth Social, President Donald Trump’s social media platform, reported a net loss on Friday of more than US$400 million in the first quarter — mostly from tumbling cryptocurrency valuations.

Trump Media & Technology Group (TMTG) reported revenue of less than US$1 million for the three months ending March 31, according to a company filing.

The president, who routinely uses Truth Social to make official announcements, controls about 41 per cent of TMTG’s shares, which are held in the trust established to manage his financial interests during his presidency.