Trump Media Reports $238m Loss Amid Cryptocurrency Decline
Trump Media reported a $238m loss between April and June, more than 10 times the amount it lost during the same period last year. The company's interim chief executive officer, Kevin McGurn, attributed the loss to the drop in cryptocurrencies.
The quarterly loss was announced as Trump Media expanded into new ventures unrelated to media, including cryptocurrencies. The group has diversified its revenue streams and is exploring opportunities with technology firms, news organizations, and betting markets.
The company's Truth API service provides faster access to market-moving posts made on the Truth Social platform for a monthly fee of $60,000-$100,000. Trump Media believes this new revenue stream will be meaningful and durable, alongside its broader media strategy.