Trump Media & Technology Group, the parent company of Truth Social, revealed a significant financial loss of $238 million in the second quarter. This development comes as the company refocuses its efforts on its primary social media operations, after previously diversifying into cryptocurrency and other areas.
In terms of revenue, the company reported $1.7 million for the quarter, more than doubling its earnings from the same period last year. Kevin McGurn, the newly appointed CEO, emphasized the company’s strategy to channel resources back into its core social media business. Despite this shift, Trump Media plans to continue with certain projects, notably its upcoming merger with TAE Technologies, a nuclear fusion company.
Trump Media also introduced the Truth API, a subscription service aimed at financial firms, offering them early access to posts from Donald Trump and other notable figures on Truth Social. The service is priced between $60,000 and $100,000 monthly and has already secured 10 clients, mainly firms engaged in high-frequency trading.
As of the end of the quarter, the company reported holding over $400 million in cash and short-term investments. Additionally, it possesses approximately $1.2 billion in bitcoin and related assets. On the financial obligations side, Trump Media has around $1 billion in debt through convertible notes, which are set to mature in 2028.