Trump Media Ditches Crypto Ventures Amid Massive Loss

Trump Media & Technology, the company behind Truth Social, reported 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 company's new CEO, Kevin McGurn, announced plans to refocus on its core social media mission and ditch business lines unrelated to media, including crypto. The decision comes after a yearlong effort to expand into various industries such as online betting and crypto.

McGurn stated that the company will 'say no to things or change course as warranted' to invest more time and resources in its most important initiatives. Trump Media has been criticized for branching out into non-media ventures, with some calling it a vehicle for President Donald Trump to profit from his presidency.

The company's new service, Truth API, offers early access to Wall Street trading firms to top posters on the platform, including President Trump. This move has raised concerns about conflicts of interest and potential market manipulation.