Trump Media Suffers Massive Loss, Ditches Expansion Plans

Trump Media & Technology, the company behind Truth Social, reported 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 company's new CEO, Kevin McGurn, attributed the loss to its expansion into various industries, including crypto and online betting. However, he announced that these efforts will be largely abandoned as the company refocuses on its social media mission.

McGurn emphasized the importance of Truth API, a service that offers early access to Wall Street trading firms for top posters on Truth Social. This includes President Donald Trump, who often moves markets with his announcements.

The new service is charging $60,000 to $100,000 per month and has already signed up 10 customers, mostly high-frequency trading firms.