Trump Media Suffers Massive Loss, Shifts Focus to Social Media

Trump Media & Technology, owned by President Donald Trump, posted a massive $238 million loss over the past three months. The company's pivot to online betting, crypto, and other unrelated businesses is being scaled back in favor of focusing on social media use.

The CEO, Kevin McGurn, explained that 'we made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives.'

This change includes introducing paid access to user content, including President Trump's posts. The new service, Truth PSI, has already signed up 10 high-frequency trading firms paying between $60,000 to $100,000 a month.

Truth Social will follow other social media platforms in offering paid content, but with the added benefit of President Trump being the largest shareholder and most popular poster. Critics argue that this is a presidency for profit, where Trump stands to gain financially from the company's success.