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

Trump Media & Technology Group (TMTG) reported revenue of less than $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 percent of TMTG’s shares, which are held in the trust established to manage his financial interests during his presidency.

TMTG is also active in financial services, and…