Trump’s media company, which also owns Truth Social, reports $238m loss
Company also announced a paid service for early access to president’s posts on policies to the social media site Donald Trump’s media company – which owns the Truth Social platform favored by the US president – posted a $238m loss in the second quarter. Trump Media & Technology on Monday reported that losses in the three months through June came as the company branched into new ventures including…
Trump's media conglomerate, which manages the Truth Social platform, disclosed a $238 million loss in the second quarter. The company expanded into areas such as cryptocurrency, but CEO Kevin McGurn announced a shift to focus on social media. McGurn introduced a service called Truth API, which charges $60,000 to $100,000 per month for early access to Trump's posts on Truth Social.
This service has attracted 10 customers, mainly high-frequency trading firms. Critics have accused Trump Media of exploiting government power for personal gain, but McGurn maintains that selling real-time data is a common business practice. The company posted $1.7 million in revenue in the quarter, up from $1.7 million a year earlier.
Despite $1 billion in debt, Trump Media holds over $400 million in cash and substantial investments in bitcoin.
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- Trump’s media company, which also owns Truth Social, reports $238m loss theguardian.com
- Trump Media sees US$238mil second-quarter loss on digital assets decline freemalaysiatoday.com
- Trump media company announces a massive loss and new turnaround effort winnipegfreepress.com
