Trump Media & Technology Group, the entity behind Truth Social, experienced a significant financial setback in the second quarter, revealing a $238 million loss as it realigned its efforts towards its social media platform after ventures into cryptocurrency and other areas. Despite the loss, the company saw its revenue more than double from the previous year, reaching $1.7 million for the quarter.
Kevin McGurn, the newly appointed CEO, emphasized a strategic shift to focus on its primary social media operations. However, he noted that Trump Media would still pursue selective projects, including a planned merger with TAE Technologies, a company specializing in nuclear fusion.
In addition to its core business, Trump Media introduced Truth API, a subscription service offering financial firms early access to posts from Donald Trump and other notable users on Truth Social. The service, priced between $60,000 and $100,000 monthly, has already drawn 10 customers, mainly comprising high-frequency trading firms.
By the quarter’s end, the company held over $400 million in cash and short-term investments. It also had approximately $1.2 billion invested in bitcoin and related assets. Meanwhile, Trump Media carries about $1 billion in debt through convertible notes set to mature in 2028.