Trump Media Suffers Massive Loss, Abandons Crypto and Betting Ventures

The Trump Media & Technology company has reported a massive loss of $238 million in the second quarter, more than 10 times its loss from a year earlier. The per-share loss widened to 86 cents from 8 cents.

New CEO Kevin McGurn announced plans to refocus the business on its social media mission and ditch new business lines, including online betting and crypto ventures.

The company's Truth API service offers early access to Wall Street trading firms for top posters on the Truth Social platform. This includes President Donald Trump, who often moves markets by breaking major U.S policy shifts on the site.

The service has raised concerns among Democrats, who vow to investigate it if they gain control of Congress in the midterms. McGurn dismissed these concerns, saying that providing licensed real-time public data is a well-established business practice across several industries.