Trump Media & Technology Group, the entity behind the social media platform Truth Social, disclosed a significant financial loss of $238 million in the second quarter. This comes as the company refocuses its efforts on its core social media operations after a period of diversification into areas such as cryptocurrency.
Despite the hefty loss, the company saw its revenue more than double compared to the same period last year, reaching $1.7 million. Under the leadership of new CEO Kevin McGurn, Trump Media is redirecting its attention and resources primarily towards its social media business while still pursuing select ventures, including a proposed merger with TAE Technologies, a company specializing in nuclear fusion.
In a bid to attract financial firms, the company launched Truth API, a subscription service offering early access to posts from Donald Trump and other high-profile users of Truth Social. With subscription fees ranging from $60,000 to $100,000 per month, the service has already secured 10 customers, largely consisting of high-frequency trading firms.
Financially, Trump Media reported holding over $400 million in cash and short-term investments at the close of the quarter. Additionally, the company’s portfolio includes approximately $1.2 billion in bitcoin and related assets. Meanwhile, Trump Media carries about $1 billion in debt through convertible notes set to mature in 2028.