Trump Media Books $644M Quarterly Loss Amid Digital Asset Decline

Trump Media & Technology Group Corp., parent company of Truth Social, reported a massive quarterly loss of $644 million as its investments in Bitcoin and an exchange-traded fund (ETF) swung.

The company's losses were largely due to the depreciation of digital assets, including its investment in Bitcoin, which plummeted in value. The total value of these investments dropped by over 30% from December last year, resulting in a loss of $219 million.

As a result, the company's net operating loss increased significantly, leading to an impairment charge of $424 million. This charge was reflected in the company's quarterly financial statements.