Trump Media Posts $238 Million Loss
Trump Media Posts $238 Million Loss
The News
Trump Media & Technology Group, the parent of Truth Social, reported a second-quarter net loss of $238.1 million on just $1.7 million in revenue.
The company said Monday it is abandoning several new business lines — including cryptocurrency, online betting and financial services — to refocus on its social media platform.
The pivot follows a string of failed attempts to lift the company's stock.
Timeline
Trump Media announces the $238.1 million quarterly loss and its turnaround plan, ditching newer ventures to return to its roots as a social media forum.
Ahead of the earnings, The Independent reported traffic to Truth Social suffered a double-digit decline over the summer, a drop one conservative-media tracker called striking for "the steepness of the plunge."
Reactions
The company framed the retreat as "doubling down" on Truth Social and on President Trump himself, according to the Associated Press.
Central to the new strategy is "Truth API," a service selling faster access to Trump's market-moving posts. The Independent reported the company plans to charge Wall Street firms up to $1.2 million a year for early access, and CNBC reported Trump Media has signed more than 10 customer agreements for the product.
The Financial Times reported the group is also pushing into nuclear fusion, one of a half-dozen lines of business it has tried.
What's Next
Trump Media, which trades under the ticker DJT, says it will concentrate resources on building up Truth Social and expanding the Truth API service.
Investors will watch whether the refocused strategy and the paid-access product can reverse steep losses and declining traffic.
More
The company has repeatedly launched new ventures to boost its share price, but none have gained traction. The latest quarter's losses were driven in part by a decline in cryptocurrency holdings.
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