Trump’s media company, which also owns Truth Social, reports $238m loss
Summary
Donald Trump’s media company, which owns the social media platform Truth Social, reported a loss of $238 million in the second quarter. The company is shifting its focus back to social media after trying new ventures like cryptocurrency and online betting.Key Facts
- Trump Media & Technology lost $238 million from April to June.
- The company tried expanding into crypto and online betting but will now focus on social media.
- They launched a service called Truth API that sells early access to Trump’s Truth Social posts to trading firms for $60,000 to $100,000 a month.
- Ten high-frequency trading firms have signed up for Truth API, which helps them trade stocks fast based on Trump’s posts.
- Critics say this paid access could be a conflict of interest because Trump is president, but the company says such services are common in finance and media.
- Trump Media plans to continue a merger with energy company TAE Technologies for a nuclear fusion project.
- In the quarter, the company made $1.7 million in revenue, more than double from last year.
- The company holds $1 billion in debt due in 2028, with lenders possibly requiring repayment in November, and has over $400 million in cash plus $1.2 billion in bitcoin assets.
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