US President Donald Trump’s media company, Trump Media and Technology Group, reported a steep loss of $238m in the second quarter, even as it announced a strategic pivot back to its core social media business.
The company, which owns the Truth Social platform favoured by the US president, disclosed the figures on Monday, noting that the losses came during an expansion into ventures such as cryptocurrency and online betting, reports The Guardian.
New chief executive Kevin McGurn, speaking on an earnings call, said the company had decided to scale back those efforts.
“We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives,” he said. “We will say no to things or change course as warranted.”
Central to the new strategy is a paid service called Truth API, which offers early access to posts by Trump and other prominent users.
The service, priced between $60,000 and $100,000 per month, is aimed at Wall Street trading firms seeking to capitalize on market movements triggered by Trump’s policy announcements. McGurn said 10 customers, mostly high‑frequency trading firms, have already signed up.
The initiative has drawn criticism from government watchdogs. Kathleen Clark, a law professor at Washington University, described it as “yet more brazen corruption, an improper exploitation of government power to enrich himself.”
McGurn rejected the charge, arguing that “providing licensed real‑time public data through commercial APIs is a well‑established business practice across the technology, financial information and media industries.”
While refocusing on social media, Trump Media will continue pursuing a previously announced venture in nuclear fusion. McGurn confirmed plans to complete a merger with energy company TAE Technologies by year‑end.
Financially, the company reported $1.7m in revenue for the quarter, more than double from a year earlier. It holds $400m in cash and short‑term investments, along with $1.2bn in bitcoin and related assets.
However, it carries $1bn in debt from convertible notes due in 2028. Lenders have the option to demand repayment in November, which could strain finances despite the company’s current liquidity.
