Donald Trump’s media company – which owns the Truth Social platform favored by the US president – posted a $238m loss in the second quarter.
Trump Media & Technology on Monday reported that losses in the three months through June came as the company branched into new ventures including crypto. The company’s new chief executive, Kevin McGurn, announced at a conference call about the earnings that after a yearlong effort to expand into online betting and crypto, the company would be refocusing on social media.
“We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives,” McGurn said. “We will say no to things or change course as warranted.”
One key to the company’s new approach will be a a service called Truth API which will sell early access to Truth Social posts by Trump and other top users to Wall Street trading firms – allowing them to profit from the moves in stocks, bonds and interest that often follow major policy announcements from Trump on the platform.