Trump Media Suffers Massive Loss, Shifts Focus Amid Crypto Woes

Trump Media & Technology, the company behind Truth Social, reported a massive loss of $238 million in the second quarter. This is more than ten times the loss from the same period last year.

The loss was largely due to unrealized paper losses from falling values of Bitcoin and the Cronos crypto token.

New CEO Kevin McGurn announced plans to refocus the business on its core social media mission, abandoning several new industries it had branched into, including online betting and crypto.

McGurn said a yearlong effort to expand would now be largely abandoned as he prioritizes investing in Truth Social's most important initiatives.

One area that will continue is the company's nuclear fusion venture with energy company TAE Technologies. McGurn hopes to close their merger by the end of the year.