Trump Media & Technology Group, the company that oversees Truth Social, reported a significant financial setback with a $238 million loss in the second quarter. This comes as the company refocuses on its core social media operations after previous diversifications into areas like cryptocurrency.
During this period, the company saw its revenue rise to $1.7 million, over twice the figure from the same quarter the previous year. Under the leadership of its new CEO, Kevin McGurn, Trump Media aims to channel its resources towards strengthening its social media presence while also pursuing selective initiatives, such as a planned merger with TAE Technologies, a company in the nuclear fusion sector.
In a bid to generate additional income, Trump Media introduced Truth API, a subscription service offering financial firms early access to posts from Donald Trump and other notable Truth Social users. This service is priced between $60,000 and $100,000 per month and has already secured 10 subscribers, mainly high-frequency trading firms.
At the close of the quarter, Trump Media maintained more than $400 million in cash and short-term investments. Additionally, the company holds about $1.2 billion in bitcoin and related assets. However, it also carries around $1 billion in debt through convertible notes set to mature in 2028.