Trump media company announces a massive loss and new turnaround effort
Trump Media & Technology Group reported a $238 million loss for the second quarter and announced a strategic shift away from non-media ventures like crypto. The company plans to refocus on its Truth Social platform and leverage its API for market-moving content.
Why it matters
The financial performance and strategic pivot of a company tied to a major political figure have significant implications for both market investors and political discourse.
By BERNARD CONDON Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] --> Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. --> Share
NEW YORK (AP) — The president’s media company posted a massive loss in the second quarter and announced plans to ditch new business lines and refocus as a forum for users to post their views.
Trump Media & Technology, the company behind the Truth Social platform, said Monday that it lost $238 million in the three months through June as it branched into businesses unrelated to media, including crypto . That was more than 10 times the loss from a year earlier. The per-share loss widened to 86 cents from 8 cents.
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