Trump Media & Technology Group reported a $238 million loss in the second quarter, a more than tenfold widening from the same period a year earlier, as the company behind Truth Social grappled with steep declines in its digital asset portfolio.
The per-share loss widened to 86 cents from 8 cents, driven largely by over $190 million in losses on digital assets and securities, including unrealized paper losses from bitcoin and Cronos token holdings. Revenue, however, rose 89 percent to $1.7 million. Under new chief executive Kevin McGurn, the company announced plans to abandon new business lines including online betting and cryptocurrency, while pivoting toward a Truth API offering early access to top Truth Social posters.
Trump Media expressed confidence it will close a merger with nuclear fusion company TAE Technologies by the end of 2026.