Trump Media Ditches Bitcoin Treasury Bet Amid $190M Paper Loss

Trump Media and Technology Group's stock fell 4% to $7.96 on Monday after the company abandoned its bitcoin treasury strategy, which resulted in a reported $190 million paper loss.

The decision to pivot back to media and advertising marks a significant shift for Trump Media, which has struggled with losses under interim CEO Kevin McGurn's leadership.

Bitcoin's prolonged decline from its all-time high of $126,000 to the current price around $63,000 has made Trump Media's balance sheet bet increasingly difficult to sustain.

The company aims to redirect resources towards Truth Social, Truth+, and the Truth API data feed, as well as acquire TAE Technologies, a private nuclear fusion energy firm, by year-end.