Trump Media Quarterly Deficit Surges to $238M Amid Cryptocurrency Losses

Trump Media & Technology Group posted a quarterly loss of $238 million for the second quarter, a significant increase from the $20 million deficit recorded in the same period last year.

The company's financial struggles are largely due to unrealized paper losses on its cryptocurrency holdings, including Bitcoin and Cronos tokens.

In an effort to stem losses, new CEO Kevin McGurn announced that the company will refocus its resources entirely on its core social media platform, Truth Social.

The decision marks a shift away from Trump Media's previous strategy of expanding into non-media sectors such as online betting and crypto.