Trump Media's Quarterly Loss Widens to $238M Amid Cryptocurrency Turmoil

Trump Media & Technology Group's second-quarter loss has widened to $238.1 million from $20 million in the same period last year, mainly due to unrealized losses tied to its cryptocurrency assets.

The company, founded by U.S. President Donald Trump and known for its Truth Social platform, reported a significant increase in net loss during the April-to-June quarter.

The widening of the loss is largely attributed to digital assets, including cryptocurrencies, which came under pressure amid uncertainty over U.S. interest rates, geopolitical tensions, and persistent outflows from crypto investment products.

Trump Media has discussed charging as much as $100,000 a month for its Truth API product, a licensed data feed that gives banks and trading firms fast access to posts from influential Truth Social accounts.

The company said it had signed more than 10 customer agreements for the feed, which launched on August 1, and is continuing to add partners. The new product has already generated revenue, with $1.7 million in sales compared to $0.9 million in the same period last year.

Interim CEO Kevin McGurn stated that the company was making progress toward its proposed merger with fusion energy developer TAE Technologies, an ambitious bet on the power boom spurred by artificial intelligence data centers.