Trump Media & Technology Group, the parent company of Truth Social, reported a significant financial loss of $238 million in the second quarter. This loss comes as the company redirects its efforts back to its core social media platform, having previously ventured into cryptocurrency and other areas.
Despite the financial setback, the company saw its revenue more than double compared to the same period last year, reaching $1.7 million. Newly appointed CEO Kevin McGurn emphasized that the company will refocus its resources on strengthening its social media operations. However, it will maintain involvement in select projects, such as its anticipated merger with nuclear fusion company TAE Technologies.
In an effort to generate additional revenue, Trump Media has launched the Truth API, a paid service aimed at financial firms. This service offers early access to posts made by Donald Trump and other notable users on Truth Social. The subscription cost for this service ranges from $60,000 to $100,000 per month, and it has already secured 10 clients, largely consisting of high-frequency trading firms.
Financially, Trump Media concluded 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, while managing a debt of about $1 billion through convertible notes, set to mature in 2028.