New York: The media firm linked to the president reported a large loss for the second quarter and said it would drop several new ventures to concentrate on its main social platform. Trump Media & Technology, operator of Truth Social, stated on Monday that it recorded a $238 million loss for the three months ending in June after entering unrelated areas such as cryptocurrency. This amount exceeded the prior year loss by more than ten times. Loss per share rose to 86 cents from 8 cents. During a call following the results, chief executive Kevin McGurn said the company would end a year-long push into new sectors including online betting and digital assets to return focus to social media. He noted the decision allows greater investment in core activities and that the firm would adjust plans when needed. Shares declined modestly in after-hours trading after the report, having already dropped 8 percent during regular hours. A key element of the new approach is Truth API, which gives early market data access to trading firms from top platform users, including the president. The service has drawn criticism from oversight groups over potential conflicts with the presidency, and Democrats have pledged reviews if they gain congressional control. McGurn defended the offering as standard industry practice for data sales. One earlier project in nuclear fusion will continue, with a planned merger with TAE Technologies targeted for completion by year end. McGurn called it the main long-term value driver. Most of the quarterly loss stemmed from declines in bitcoin and Cronos token holdings. Adjusted operating losses, excluding those items and certain other costs, rose to $164 million from $44 million a year earlier. The API service charges $60,000 to $100,000 monthly and has secured 10 clients, mainly high-frequency trading firms. McGurn said this could generate $7 million to $12 million annually, several times last year total revenue. Second-quarter revenue reached $1.7 billion, more than double the prior period. The company holds $1 billion in convertible notes due in 2028, though holders may seek early repayment in November.
