Trump Media & Technology Group, the entity behind Truth Social, has reported a substantial financial loss of $238 million in the second quarter as it refocuses on its primary social media operations. This shift in strategy comes after the company had ventured into cryptocurrency and other areas.
In the same quarter, the company managed to generate $1.7 million in revenue, more than doubling the amount from the previous year. New CEO, Kevin McGurn, emphasized the company’s intent to dedicate resources to its core social media business. However, Trump Media is not abandoning its other ventures entirely, as it plans to continue with select projects, including a proposed merger with TAE Technologies, a company specializing in nuclear fusion.
Among the new initiatives is the introduction of Truth API, a subscription-based service that offers financial firms advance access to posts from former President Trump and other influential users on Truth Social. The service is priced between $60,000 and $100,000 monthly and has already secured 10 clients, mainly high-frequency trading firms.
By the end of the quarter, Trump Media had amassed over $400 million in cash and short-term investments. The company also holds approximately $1.2 billion in bitcoin and similar assets. In terms of liabilities, Trump Media carries around $1 billion in debt, tied to convertible notes due to mature in 2028.