Trump Media & Technology Group, the parent company of Truth Social, has reported a significant financial loss of $238 million in the second quarter. This comes as the company shifts its strategy back to focusing on social media after previously exploring ventures into cryptocurrency and other areas.
Despite the loss, the company managed to generate $1.7 million in revenue during the quarter, which is more than double compared to the same period last year. Under the leadership of its new CEO, Kevin McGurn, the company aims to prioritize its core social media operations while still pursuing selected projects, including a planned merger with the nuclear fusion company TAE Technologies.
In a move to broaden its offerings, Trump Media has introduced Truth API, a subscription service providing financial firms with early access to posts from Donald Trump and other notable users on Truth Social. The service, priced between $60,000 and $100,000 per month, has already secured 10 customers, mainly high-frequency trading firms.
By the end of the quarter, Trump Media’s financial standing included over $400 million in cash and short-term investments, alongside approximately $1.2 billion in bitcoin and related assets. Additionally, the company is managing around $1 billion in debt through convertible notes that are set to mature in 2028.