Trump Media & Technology Group, the parent company of Truth Social, has reported a significant financial loss of $238 million for the second quarter. This comes as the company redirects its efforts towards its social media platform after previously branching out into cryptocurrency and other areas.
During this period, Trump Media generated $1.7 million in revenue, a figure that is more than twice what was recorded at the same time last year. The company’s new CEO, Kevin McGurn, emphasized the need to focus resources on the core social media business. Despite this shift, the company continues to pursue select projects, including a planned merger with the nuclear fusion firm TAE Technologies.
In a bid to boost revenue, Trump Media has launched Truth API, a subscription service that offers financial firms early access to posts from Donald Trump and other high-profile users on Truth Social. The service is priced between $60,000 and $100,000 per month and has already drawn interest from 10 customers, primarily high-frequency trading companies.
As of the end of the quarter, Trump Media had over $400 million in cash and short-term investments, alongside approximately $1.2 billion in bitcoin and related assets. The company also carries about $1 billion in debt through convertible notes set to mature in 2028.