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(Bloomberg) — Donald Trump’s social media company posted steeper losses as it careened from a big cryptocurrency bet into a controversial new line of business selling faster access to market-moving posts from the US president.
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Trump Media & Technology Group Corp. reported a second-quarter loss of $238 million, driven by plummeting prices of the cryptocurrencies it owns, according to a statement Monday. That compares with a $20 million shortfall during the same period a year earlier for the Truth Social parent.
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The results accelerate a long-running financial slide for Trump Media, which has failed to turn a profit despite a raft of new ventures, including a plan to stockpile digital assets and acquire an experimental clean-energy company. Last month, the company announced it would sell faster access to Trump’s market-moving Truth Social posts — a move that drew blowback from Democrats and even rankled some free-market fundamentalists on Wall Street. The product, called Truth API, costs $60,000 to $100,000 a month.
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Interim Chief Executive Officer Kevin McGurn said Trump Media has already signed up more than 10 customers, primarily from high-frequency trading firms, which craft strategies based on information advantages that can come in fractions of a second. But Sarasota, Florida-based Trump Media is looking to reach an even broader group of clients, including retail investors, news organizations and developers of large-language models for artificial intelligence.
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“This can grow into a meaningful, durable contributor, but it’s just one piece of a broader media technology strategy,” McGurn said during the company’s first-ever earnings conference call.
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The pivot comes as Trump Media veers from other pursuits.
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The company scrapped plans to stockpile a virtual token from Crypto.com after just a year. It also nixed a plan to offer prediction market contracts directly on Truth Social.
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It’s still working to complete its acquisition of TAE Technologies, a closely held company working on nuclear fusion, a promising but still commercially unproven clean-energy source.
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Shares of Trump Media slid 0.4% to $9.35 in late trading at 6:11 p.m. in New York. The stock had tumbled 29% this year through through the close of the regular session.
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