![\"Trump](\"https:\/\/static.toiimg.com\/thumb\/msid-133140640,imgsize-67406,width-400,height-225,resizemode-4\/trump-media-reports-238-million-loss.jpg\" "\\"Crypto")
<\/div>\n<\/div>\n<\/div>\nTrump Media & Technology, the company behind US President Donald Trump’s Truth Social platform, reported a $238 million loss in the second quarter, as the value of its bitcoin and Cronos holdings tumbled. The three-month loss through June was more than 10 times the loss recorded a year earlier. In per-share terms, the company’s loss widened from 8 cents to 86 cents.The sharp deterioration came even as revenue more than doubled to $1.7 million from a year earlier, marking an 89% rise. Excluding unrealised paper losses on its crypto holdings, along with taxes, interest and other items, Trump Media’s operating loss rose to $164 million from $44 million a year earlier.Trump Media ended June with more than $400 million in cash and short-term investments. It also held $1.2 billion in bitcoin and bitcoin-related assets.<\/p>\n The company also said it was changing course after a year of expanding into businesses beyond media.New chief executive Kevin McGurn said on a conference call after the earnings release that initiatives including online betting and crypto would now largely be abandoned as the company returns its focus to social media.\u201cWe made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives,\u201d McGurn said. \u201cWe will say no to things or change course as warranted,\u201d the executive told AP.Trump Media’s stock, which had already fallen 8% during regular trading, slipped slightly in after-hours trading after the earnings report.<\/p>\n McGurn is placing greater emphasis on Truth API, a new service that gives Wall Street trading firms early access to posts from leading users on Truth Social.The service includes access to posts from Trump, the platform’s most-followed user, whose posts have often moved markets when he announces major US policy shifts on the site.Trump Media is charging $60,000 to $100,000 a month for Truth API and has already signed 10 customers, McGurn said. Most are high-frequency trading firms that buy and sell in milliseconds.\u201cWe\u2019re in the early innings,\u201d McGurn said, adding that the potential market extends beyond traders to data centre companies, news organisations and developers of large language models.With 10 customers, the service could generate between $7 million and $12 million a year, or roughly two to three times the company’s entire revenue last year.<\/p>\n The service has also raised concerns among good government watchdogs, who have criticised Trump Media since the beginning of Trump’s second term over the possibility of the company providing him a way to profit from the presidency. Democrats have said they would investigate the paid service if they gain control of Congress in the midterms.McGurn dismissed those concerns, pointing to the wider use of similar services.\u201cProviding licensed real-time public data through commercial APIs is a well-established business practice across the technology, financial information and media industries,\u201d he said. \u201cThis is no different.\u201d<\/p>\n Trump Media is not abandoning all of its new ventures. Its previously announced nuclear fusion business will continue, with McGurn saying the company hopes to complete its merger with energy company TAE Technologies by the end of the year.\u201cWe continue to believe it\u2019s the single most important driver of long-term value for this company,\u201d McGurn said of the fusion business.The company has $1 billion in debt through special convertible notes that are not due until 2028. However, lenders have an option to demand that the notes be cashed out in November, potentially affecting the company’s finances, although it appeared to have ample cash at the end of the quarter.<\/div>\nTrump Media shifts focus back to social media<\/h2>\n<\/p>\n
Paid service draws scrutiny<\/h2>\n<\/p>\n
Nuclear fusion venture to continue<\/h2>\n<\/p>\n