Trump Media’s loss widened sharply in the second quarter as the company behind Truth Social moved deeper into cryptocurrencies and other businesses outside its original media pitch. The Trump Media loss hit $238 million between April and June, more than 10 times the figure it posted in the same period a year earlier.
The company said revenue reached $1.7 million, up 89% from a year ago, but the bottom line was dragged down by the fall in cryptocurrencies. Trump Media and Technology Group said it closed the quarter with total assets of $2 billion and financial assets of about $1.9 billion, including cash, short-term investments and digital currencies. The firm, which still has not turned a profit, has also been expanding into crypto holdings and clean-energy investments.
The company said it plans to refocus on its social media mission. That push includes a controversial service that will give paying customers faster access to President Donald Trump’s posts on Truth Social. The company has said the feature is expected to create a new revenue stream, while critics have raised ethical and legal questions about a president’s family owning the majority of a business that could profit from his public statements.
Kevin McGurn, the company’s interim chief executive officer, said more than 10 customers had signed up for the new service. He also said on Monday that shareholders should hear from the company more often as it moves into what he called its next chapter. The BBC said it contacted Trump Media and Technology Group and the White House for further comment.
