Trump Media & Technology Group, which owns the social media platform Truth Social, experienced a significant financial setback, reporting a $238 million loss in the second quarter. This comes as the company refocuses its efforts on social media after previously branching out into ventures such as cryptocurrency.
Despite the loss, Trump Media recorded $1.7 million in revenue during the quarter, marking an increase of more than double compared to the same period last year. The company’s newly appointed CEO, Kevin McGurn, emphasized that they would prioritize their core social media operations while continuing with selective projects. One such project is their proposed merger with the nuclear fusion company, TAE Technologies.
In an effort to diversify its offerings, Trump Media introduced the Truth API, a subscription service designed to provide financial firms with early access to posts from former President Donald Trump and other prominent users on Truth Social. The service, priced between $60,000 and $100,000 per month, has already secured 10 clients, mainly consisting of high-frequency trading firms.
Financially, Trump Media ended the quarter with over $400 million in cash and short-term investments, alongside approximately $1.2 billion in bitcoin and related assets. However, the company also carries a debt burden of about $1 billion, represented by convertible notes due to mature in 2028.