Trump’s media company, which also owns Truth Social, reports $238m loss

Donald Trump's media company, Trump Media & Technology, disclosed a $238 million loss in the second quarter, despite diversifying into new areas like cryptocurrencies. New CEO Kevin McGurn announced the company's pivot back to social media to focus resources on its core business. Trump Media introduced a paid service, Truth API, which offers early access to President Trump's posts on the Truth Social platform to Wall Street trading firms.

Traders can profit from the market reactions to Trump's policy announcements on the platform. The service charges between $60,000 to $100,000 per month, and the company has already signed up 10 customers, primarily high-frequency trading firms. Despite the controversy surrounding the service, McGurn maintains it's no different than other companies providing special access to traders.

Trump Media aims to close a merger with energy company TAE Technologies by year-end, but the company remains heavily indebted with $1 billion in debt from special convertible notes. However, the company currently holds over $400 million in cash and short-term investments, as well as $1.2 billion in bitcoin and bitcoin-related assets.