Trump Media & Technology Group, the company behind Truth Social, has 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 platform, moving away from its previous ventures 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. Under the leadership of its new CEO, Kevin McGurn, Trump Media plans to allocate more resources to its social media business while still pursuing certain projects, such as its planned merger with nuclear fusion company TAE Technologies.
In a bid to generate additional revenue, Trump Media has launched Truth API, a paid service offering financial firms early access to posts from Donald Trump and other notable users of Truth Social. The service, which costs between $60,000 and $100,000 per month, has already secured 10 clients, primarily high-frequency trading firms.
At the close of the quarter, Trump Media reported holding over $400 million in cash and short-term investments, alongside roughly $1.2 billion in bitcoin and related assets. The company is also managing approximately $1 billion in debt through convertible notes set to mature in 2028.