Trump Media Company Reports Massive Loss, Abandons Expansion Efforts
The media company behind Truth Social, Trump Media & Technology, reported a massive loss in the second quarter of $238 million, more than ten times the loss from a year earlier.
The company's per-share loss widened to 86 cents from 8 cents, according to the earnings report. The losses were largely due to unrealized paper losses from the falling values of Bitcoin and the Cronos token.
New CEO Kevin McGurn announced plans to refocus on the platform's social media mission and abandon efforts to expand into unrelated businesses, including online betting and crypto.
A key part of this new strategy is a service called Truth API, which offers early access to Wall Street trading firms for top posters on the platform. This includes President Donald Trump, who often moves markets with his posts.