Trump Media Ditches Crypto Ventures Amid $238 Million Loss

Trump Media & Technology, the company behind Truth Social, posted a massive loss of $238 million in the second quarter. This is more than 10 times the loss from the same period last year. The per-share loss widened to 86 cents from 8 cents.

The new CEO, Kevin McGurn, announced plans to refocus on the company's social media mission and ditch unrelated business lines, including crypto ventures. He stated that 'we made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives.'

One of these initiatives 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 major policy announcements.