Trump Media sees US$238mil second-quarter loss on digital assets decline
The parent company of Truth Social reports a ten-fold increase in losses, in sharp contrast with a US$20 million shortfall a year earlier.
Trump Media & Technology Group, the parent company of Truth Social, disclosed a significant loss for the second quarter of its fiscal year, with losses escalating tenfold compared to the previous year. The company reported a loss of US$238.1 million for the period ending June 30, a stark contrast to the US$20 million loss reported in the corresponding quarter of the previous year.
The primary contributor to the increased loss was the decline in values of digital assets, which included over US$190 million in losses from digital assets pledged and equity securities. Despite this, the company saw a modest increase in revenue, recording US$1.7 million for the quarter, representing an 89% rise from the same period a year prior.
In its first fiscal quarter, Trump Media & Technology Group also reported a net loss, largely attributed to the sharp drop in cryptocurrency valuations. The president frequently employs Truth Social for official announcements. The company further announced its intention to finalize a merger with nuclear-fusion company TAE Technologies by 2026.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Trump’s media company, which also owns Truth Social, reports $238m loss theguardian.com
- Trump media company announces a massive loss and new turnaround effort winnipegfreepress.com
