Trump Media & Technology Group, which owns the social media platform Truth Social, reported a significant loss of $238 million in the second quarter. This financial setback comes as the company refocuses its efforts on its core social media operations, having previously ventured into cryptocurrency and other areas.
Despite the loss, the company saw its revenue more than double compared to the same period last year, reaching $1.7 million. Kevin McGurn, the newly appointed CEO, emphasized that the company will now dedicate resources primarily to its social media business, while still pursuing select projects. Among these is a planned merger with TAE Technologies, a company involved in nuclear fusion.
In a strategic move, Trump Media also introduced Truth API, a subscription service aimed at financial firms. This service offers early access to posts from Donald Trump and other notable users on Truth Social. Subscription costs range from $60,000 to $100,000 per month, and the service has already attracted 10 customers, most of which are high-frequency trading firms.
Financially, Trump Media ended the quarter with over $400 million in cash and short-term investments. The company also holds approximately $1.2 billion in bitcoin and related assets. However, it also carries about $1 billion in debt through convertible notes, which are set to mature in 2028.