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America First Audit

He said it in public. These are the documents on what happened next. Browse all records.

Why these cases

Trump sold “America First.” This record traces how public money, power, and risk moved toward family businesses, donors, favored firms, and foreign governments: and what workers, ranchers, retirees, patients, veterans, and small investors were left to absorb.

Said vs. done

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Case 236 of 254

The DJT Bagholder Test

Actions
documentedTrump Media closed a purchase in which it transferred company shares and cash to Foris Holdings US for Cronos tokens, after separately accumulating Bitcoin in the third quarter.U.S. Securities and Exchange CommissionAssociated PressU.S. Securities and Exchange CommissionRead record · 3 sources
Outcomes
documentedThe issuer reported $403.22 million in realized and unrealized digital-asset losses for 2025; its filing warns that investors may receive no return unless they sell above their acquisition price.U.S. Securities and Exchange CommissionRead record · 1 source
People and impacts
Who paid or was affected

Amounts and affected parties

  1. lossIssuer digital-asset loss$403,222,600 reported accounting loss
    Loss or cost borne by
    Trump Media & Technology Group Corp.
    reported · 2026-02-27 · observedRead source record
    Calculation detailsPopulation Trump Media public shareholders; Trump Media & Technology Group Corp.Period 2025-01-01 to 2025-12-31Basis Direct source observation: the 2025 net realized and unrealized digital-asset loss from the SEC-filed statement of operations; do not treat it as shareholder loss.Limits Company accounting measure combining realized and unrealized components, not realized loss by public holders.
Promise and assessment
The promise
documentedThe 2024 platform promised to make America affordable and govern for the people.The American Presidency ProjectRead record · 1 source

Promise partly kept

After the affordability promise, the Trump-controlled issuer put company cash and equity into volatile digital assets and later booked a $403.22 million related accounting loss. Shareholders carried that corporate risk; their aggregate realized losses are not established.

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