The DJT Bagholder Test — Outcome

Entities and roles

• America First Audit — The DJT Bagholder Testaudit case
• Donald J. Trumpcomparison subject

Money trail

1. lossIssuer digital-asset loss$403,222,600 reported accounting loss

   Loss or cost borne by

   Trump Media & Technology Group Corp.

Claims and evidence

1. factdocumented

   The 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 Commission: Annual Report on Form 10-K for the year ended December 31, 2025Consolidated Statements of Operations; risk factors on volatility, dilution, dividends, and beneficial ownership