WASHINGTON: President Donald Trump’s social media company reported a $238 million loss for the second quarter as falling cryptocurrency holdings weighed on its financial performance.
Trump Media and Technology Group, which owns the Truth Social platform, said the loss for the April-to-June period was more than 10 times the figure reported during the same quarter last year.
The company generated $1.7 million in revenue, an increase of 89% from a year earlier, but losses linked to its cryptocurrency investments overshadowed the improvement.
Trump Media ended the quarter with total assets of $2 billion and around $1.9 billion in financial assets, including cash, short-term investments and digital currencies.
The company has yet to become profitable as it expands beyond social media into cryptocurrency holdings and other investments.
New revenue strategy
Trump Media said it would refocus attention on its social media operations while developing additional revenue streams.
The company recently launched a service offering Wall Street traders faster access to market-moving posts published by influential Truth Social users, including Trump.
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Interim chief executive Kevin McGurn said more than 10 customers had signed up for the service.
The initiative is expected to provide Trump Media with a new source of revenue, although it has also generated questions over the president’s connection to the company and the potential market impact of his public statements.
Markus Thielen, an analyst at 10x Research, told the media that Trump Media increasingly resembled a cryptocurrency holdings business built around a media company, with much of its losses stemming from that strategy.
McGurn said he was encouraged by the company’s recent momentum as it entered its next stage of development.
