Trump Media reports $238M loss in Q2

Trump Media & Technology, the owner of Truth Social, announced that it incurred a loss of $238 million in the second quarter, compared to significantly smaller losses in the same period last year. The company is currently focusing on its core social media operations after scaling back expansion plans in areas such as cryptocurrencies and online betting. It reported quarterly revenue of $1.7 million and held Bitcoin assets worth $1.2 billion, along with cash reserves and short-term investments exceeding $400 million. The company has increased its reliance on the Truth API service, which allows trading companies early access to user posts and generates revenue through monthly fees ranging from $60,000 to $100,000. Following the announcement of these heavy financial results, the company's stock declined by 8% during regular trading sessions.

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