Trump Media Sinks $238M in Q2, Abandons Unrelated Business Lines
Trump Media & Technology, the company behind Truth Social, posted 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 per-share loss widened to 86 cents from 8 cents. The company's new CEO, Kevin McGurn, announced plans to refocus on its core social media mission and abandon several unrelated business lines, including crypto ventures.
McGurn attributed the decision to expand into various industries, such as online betting and crypto, as a year-long effort that has not yielded the expected results. He stated that the company will 'say no to things or change course as warranted.'
The company's new Truth API service offers early access to Wall Street trading firms for top posters on the Truth Social platform, including President Donald Trump.