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Trump Media Abandons New Ventures Amid $238 Million Loss

Guavy AI Editorial Team
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The Trump Media & Technology company posted a massive loss of $238 million in the second quarter, more than 10 times the loss from a year earlier. 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 several new ventures, including crypto and online betting. He cited a need for resources to invest in key initiatives.

The company will continue to develop Truth API, which provides early access to Wall Street trading firms for top posters on the Truth Social platform. This service has raised concerns about profiting from the presidency, with Democrats vowing to investigate if they regain control of Congress.

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