Trump’s Truth Social Stake Loses $1.3 Billion as His Golf Empire Posts Record Profits – 24/7 Wall St.
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Trump Media lost $712M on just $3.7M in revenue, erasing $1.3B from Trump’s personal stake since its 2024 debut.
Golf club operating profits surged from $19M in 2020 to $66M in 2024, fueled by memberships like Bedminster’s $350,000 initiation fee.
Bally’s paid Trump’s organization $60M for Bronx golf course rights, then triggered an additional $115M payout when New York approved its casino license.
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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 help anchor a net worth that Forbes now estimates at $6.5 billion.
The steepest losses come from Trump Media and Technology Group, the parent company of Truth Social. In 2025 the company reported a net loss of $712.3 million on just $3.7 million in revenue. Most of that loss was on paper, tied to a drop in the value of the cryptocurrency it had piled onto its balance sheet.
Searching for a workable model, the company kept reinventing itself. It built a Bitcoin treasury in 2025, announced a $6 billion all-stock merger with fusion-energy firm TAE Technologies in December 2025, and by early 2026 was weighing whether to spin off Truth Social altogether.
The shifts did little to steady the stock, which trades far below its 2024 debut. 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.
Trump’s brick-and-mortar holdings have moved the other way. Forbes values his golf courses, owned and licensed, collectively in the neighborhood of $1 billion, a major pillar of his fortune.
The engine 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 club memberships and steep initiation fees. Joining his marquee Bedminster club in New Jersey, for example, runs more than $350,000.
No property captures the mix 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 political bump is not new. In a 2016 deposition, Trump recalled his manager telling him it was the best year the club had ever had, crediting the presidential campaign. Business has only grown since.
Trump National Doral near Miami has also recovered strongly. Trump refinanced the resort in May 2022 with a $125 million mortgage, and it remains one of his largest properties.
Across the Atlantic, Trump Turnberry in Scotland is adding to its golf offering with “Trump’s Twelve,” a new 12-hole Par 3 course built from the old Arran layout and due to open in 2026.
The golf business has also delivered one-off windfalls. In 2023, Trump’s company sold its rights to run a public golf course in the Bronx to Bally’s for $60 million, with a clause promising more if a casino ever rose on the site. When New York regulators cleared Bally’s for a casino license in December 2025, that clause triggered an additional $115 million payment to the Trump Organization.
The split tells a simple story. The market-traded, crypto-tied side of Trump’s empire swings hard with investor mood, while the golf courses, clubhouses, and resorts keep generating cash through the cycle. For now, the fairways are the steadier half of the fortune.
Don Lair writes about options income, dividend strategy, and the kind of boring-but-durable investing that actually funds retirement. He’s the founder of FITools.com, an independent contributor to 24/7 Wall St., and a former writer for The Motley Fool.
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