Trump Media & Technology Group, the entity behind Truth Social, disclosed a significant financial loss of $238 million in the second quarter as it redirected its focus primarily to social media, having previously ventured into areas such as cryptocurrency. Despite this loss, the company’s revenue for the quarter reached $1.7 million, marking more than a twofold increase from the same period last year.
Kevin McGurn, the new CEO of Trump Media, highlighted that the company plans to concentrate its resources on bolstering its core social media operations. However, it will not completely abandon other projects, such as its proposed merger with TAE Technologies, a company involved in nuclear fusion.
In an effort to diversify its offerings, Trump Media recently launched Truth API, a subscription service providing early access to posts from Donald Trump and other notable users of Truth Social. The service, priced between $60,000 and $100,000 per month, has already secured 10 clients, mainly high-frequency trading firms.
At the quarter’s close, the company reported holding over $400 million in cash and short-term investments, alongside approximately $1.2 billion in bitcoin and similar assets. Additionally, Trump Media carries about $1 billion in debt through convertible notes, which are scheduled to mature in 2028.