Trump's Truth Social Slumps to $238M Loss Amid Crypto Market Turmoil
Trump Media, the company behind Truth Social, reported a significant loss of $238 million in the latest quarter. The main contributor to this loss was unrealized losses on its cryptocurrency assets.
The crypto market faced pressure during the quarter due to investor risk aversion, concerns over US interest rates, geopolitical tensions, and money leaving crypto investment products.
Trump Media is looking to generate new revenue streams through Truth API, a licensed data service providing businesses with access to posts from major Truth Social accounts. The company aims to charge up to $100,000 per month for this service, which launched on August 1.
With over 10 customer agreements signed so far, the Truth API product is already generating revenue for Trump Media. The company's interim CEO, Kevin McGurn, highlighted the progress made in this area.