Trump Media Reports $238m Quarterly Loss Amid Cryptocurrency Decline

Trump Media and Technology Group reported a quarterly loss of $238m between April and June. The company, which is yet to make a profit, attributes this significant shortfall to the drop in cryptocurrencies.

The group's interim chief executive officer Kevin McGurn stated that Trump Media will refocus on its social media mission. This decision comes after the company branched into ventures unrelated to media, including cryptocurrency holdings and clean-energy investments.

Trump Media recently launched a service called Truth API, which offers faster access to market-moving posts made on its Truth Social platform. The service is designed for high-frequency trading firms and charges between $60,000-$100,000 per month. So far, more than 10 customers have signed up for the service.

Markus Thielen from 10x Research described Trump Media as 'more of a crypto holdings firm wrapped around' a media company. The bulk of its losses have come from this strategy, he noted. The company is diversifying beyond its crypto business into areas such as social media, although these ventures have yet to generate significant revenue.