Trump Media Posts $238m Loss Amid Refocusing Efforts

Donald Trump's media company, which owns the Truth Social platform, has reported a significant loss of $238m in the second quarter. The company, Trump Media & Technology, announced that it would be refocusing on social media after a year-long effort to expand into online betting and crypto.

The new chief executive, Kevin McGurn, stated during a conference call about the earnings that the company will 'say no' to ventures that don't align with its priorities. One key initiative will be the Truth API service, which sells early access to Truth Social posts by Trump and other top users to Wall Street trading firms.

The service is charging $60,000 to $100,000 a month, and 10 customers have already signed up, mostly high-frequency trading firms. The paid service has been criticized for providing 'privileged access' to information about Trump's activities as president.

McGurn dismissed these concerns, citing the fact that other companies sell special, fast access to traders. He noted that providing licensed real-time public data through commercial APIs is a well-established business practice across various industries.