Truth Social Parent Company Posts Massive Loss Amid Refocused Efforts

Trump Media & Technology, the parent company of Truth Social, announced a massive loss in the second quarter. The company reported a $238 million loss for the three months through June, more than ten times the loss from a year earlier.

The per-share loss widened to 86 cents from 8 cents. The company's new CEO, Kevin McGurn, stated that they would be refocusing efforts on their social media mission and abandoning plans to branch into new industries such as online betting and crypto.

Much of the damage last quarter was due to unrealized paper losses from falling values of Trump Media's holdings of Bitcoin and Cronos. However, excluding these losses, operating losses still increased significantly - a $164 million loss from a $44 million loss a year earlier.