Trump Media Suffers $238m Quarterly Loss as Cryptocurrency Values Plummet

Trump Media and Technology Group reported a quarterly loss of $238m between April and June due to its foray into cryptocurrencies. The group, which owns President Donald Trump's Truth Social platform, posted revenue of $1.7m, up 89% from the same period last year.

The company cited a drop in cryptocurrency values as the main reason for the losses, stating that it closed the second quarter with total assets of $2bn and financial assets of about $1.9bn, including cash, short-term investments, and digital currencies.

Trump Media has been diversifying beyond its media business into areas like cryptocurrency holdings and clean-energy investments, but these ventures have yet to generate significant revenue.