Trump Media & Technology Group reported a quarterly loss of $238 million for the April-to-June period, a figure more than ten times larger than the loss recorded during the same months a year earlier. The company, which operates the Truth Social platform, attributed the widening deficit to a drop in the value of its cryptocurrency holdings as it branched into ventures beyond social media.
Revenue for the quarter reached $1.7 million, an 89% increase from the prior year, but the gain was overwhelmed by investment losses. The firm closed the period with total assets of $2 billion, including financial assets of roughly $1.9 billion composed of cash, short-term investments and digital currencies. Despite the asset base, the group has yet to turn a profit since its inception.
Interim chief executive Kevin McGurn said the company will refocus on its core social media mission. That strategy includes a new subscription service that gives paying customers — primarily Wall Street Traders — faster access to posts by Donald Trump on Truth Social. The offering is widely seen as providing a potential edge in trading stocks and other heavily traded assets. McGurn disclosed that more than ten customers have signed up since the service launched in July.
The move has prompted legal and ethical questions, particularly because Trump’s family remains the majority shareholder of the company. Critics argue the arrangement allows the business to profit directly from the former president’s public statements, which can move markets. The BBC has sought comment from both Trump Media and the White House.
McGurn described the early uptake as encouraging and pledged more frequent quarterly updates to shareholders as the company enters what he called its next chapter. The earnings statement said the new service is expected to provide a fresh revenue stream, though the firm continues to explore other areas including cryptocurrency holdings and clean-energy investments.
The results underscore the challenges of building a sustainable media business around a single political figure while navigating the volatility of digital assets and mounting scrutiny over the intersection of political influence and commercial gain.