Trump Media Suffers Record Loss, Ditches Crypto Dreams

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 a year earlier.

The company's per-share loss widened to 86 cents from 8 cents. The new CEO, Kevin McGurn, attributed much of the damage to unrealized paper losses from falling values of Bitcoin and Cronos.

McGurn announced plans to refocus the business on its social media mission, abandoning a year-long effort to expand into unrelated industries like online betting and crypto.

The company will continue to pursue nuclear fusion, with hopes to close a merger with energy company TAE Technologies by the end of the year.