Trump Media Sinks Deeper into Red with $238M Q2 Loss
Trump Media & Technology, the company behind Truth Social, reported a $238 million loss in the second quarter. The value of its Bitcoin and Cronos holdings tumbled, causing the three-month loss to exceed last year's by over ten times.
The company's revenue more than doubled to $1.7 million from a year earlier, marking an 89% rise. However, excluding unrealised paper losses on its crypto holdings, along with taxes, interest and other items, Trump Media's operating loss rose to $164 million from $44 million.
New CEO Kevin McGurn announced that the company would pivot back to social media after a year of expanding into other businesses. This decision comes as Trump Media shifts focus away from initiatives like online betting and crypto.
The company also emphasized its Truth API service, which provides Wall Street trading firms with early access to posts from leading users on Truth Social. The service includes access to Donald Trump's posts, who is the platform's most-followed user.