Trump Media posts 238 million dollar loss after crypto slump, pushes TruthAPI to revive revenue
EarningsDigital Finance
Trump Media and Technology Group reported a loss of 238 million dollars in the April to June period, more than ten times the loss in the same period a year earlier, after expanding into cryptocurrency investments that saw their value plunge. Total revenue came in at 1.7 million dollars, up 89 percent from a year ago. The company will refocus on its social media business, particularly the TruthAPI service that provides faster access to posts on Truth Social, with more than ten major clients already signed on, paying monthly fees of 60,000 to 100,000 dollars. Kevin McGurn, acting chief executive officer, said the service will be developed into a sustainable revenue stream, complementing the broader media strategy.
