Trump Media CFO Sells Shares Amid $238 Million Net Loss
Trump Media & Technology Group's CFO Phillip Juhan has sold $156,670 worth of shares in the company, according to a recent securities filing. The sale comes after the Truth Social owner reported a net loss of $238 million for its second quarter, with most of that figure attributed to non-cash losses associated with digital assets.
The company's earnings results, published on August 10, showed that the majority of the loss was due to slumping crypto prices and a contraction in its digital asset holdings. Trump Media has invested heavily in cryptocurrencies, including partnerships with companies like Crypto.com and billions raised to build up a reserve of Bitcoin.
The value of some cryptocurrencies, such as Bitcoin, has declined significantly since last year's highs, with Bitcoin currently valued at approximately $63,000 per token, a 47% slump year-over-year. This decline has shaved off millions in the value of Trump Media's assets, according to company filings.
In recent weeks, Trump Media announced several moves intended to realign its crypto strategy, including terminating its business combination with Crypto.com and Yorkville Acquisition. The company also noted plans to 'realign' its partnership with Crypto.com, pivoting from directly integrating their prediction market tools into Truth Social.