Trump Media reports $238m loss as crypto falls
Trump Media and Technology Group reported a $238 million loss for the second quarter, largely attributed to the volatility of its cryptocurrency holdings. Despite the loss, the company plans to refocus on its social media platform, Truth Social, by offering premium features to traders.
Why it matters
The financial results underscore the risks associated with the company's unconventional strategy of operating as a crypto-holding firm alongside a social media platform.
Image source, Bloomberg via Getty Images Image caption, President Trump launched the Truth Social social media platform in 2022
President Donald Trump's social media company reported a loss of $238m (£176m) between April and June as it branched into ventures unrelated to media, including cryptocurrencies.
The quarterly loss is more than 10 times the amount reported during the same period a year earlier, according to the Trump Media and Technology Group, which owns the President's Truth Social platform.
The firm says it will refocus on its social media mission, which includes a controversial service that offers faster access to market-moving posts from the platform's most influential users.
The group's interim chief executive officer Kevin McGurn said on Monday that more than 10 customers have signed up for the service.
The BBC has contacted Trump Media and Technology Group for further comment.
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