Trump Media & Technology Group, the parent company of Truth Social, has reported a significant $238 million loss in the second quarter. This comes as the company refocuses its efforts on social media, stepping back from its earlier expansion into cryptocurrency and other ventures.
Despite the losses, the company saw its revenue reach $1.7 million during this period, an increase of more than double compared to the same quarter last year. Kevin McGurn, the newly appointed CEO, emphasized that the company intends to concentrate its resources on the core social media business. Nonetheless, Trump Media will continue with some ongoing projects, such as their anticipated merger with the nuclear fusion company, TAE Technologies.
Further diversifying its offerings, Trump Media has introduced Truth API, a subscription service aimed at financial institutions. This service grants early access to posts from Trump and other influential users on Truth Social. The monthly subscription fee ranges between $60,000 and $100,000, and it has already attracted ten clients, mainly high-frequency trading firms.
By the end of the second quarter, Trump Media had amassed over $400 million in cash and short-term investments. Additionally, the company holds approximately $1.2 billion in bitcoin and related assets, balancing against about $1 billion in convertible note debt set to mature in 2028.