Trump Media Q2 results: US president-led media ventrue posts $238 mn loss
Trump Media & Technology Group reported a $238 million loss for the second quarter, largely driven by the declining value of its cryptocurrency holdings. The company plans to pivot away from crypto and betting initiatives to focus on its social media platform and a new data service for traders.
Why it matters
The financial performance of the company highlights the volatility of assets held by media firms and the challenges of diversifying beyond core social media operations.
Trump 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.
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