Trump Media Abandons Diversification Efforts Amid Massive Loss

Trump Media & Technology, the company behind Truth Social, reported a massive loss of $238 million in the second quarter. This is more than 10 times the loss from the same period last year.

The per-share loss widened to 86 cents from 8 cents.

New CEO Kevin McGurn announced plans to refocus the business on its social media mission and abandon efforts to branch into new industries, including online betting and crypto.

McGurn stated that a yearlong effort to expand would now be largely abandoned, allowing the company to 'invest more time and resources in our most important initiatives.'

The new plan includes a service called Truth API, which offers early access to Wall Street trading firms for top posters on the Truth Social platform. This includes President Donald Trump, who often moves markets by breaking major U.S policy shifts on the site.