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Trump Media reports $238m second-quarter loss amid crypto push
The company plans to refocus on social media and launch Truth API, charging $60,000 to $100,000 per month for early access to posts.
Trump Media & Technology, the parent of Truth Social, posted a $238 million loss for the second quarter, covering the three months through June, as it expanded into new ventures including crypto, according to the Guardian Business.
The company said its losses came during efforts to grow beyond its core platform, but new chief executive Kevin McGurn told investors on the earnings call that after a yearlong expansion into online betting and crypto, the firm would be refocusing on social media.
A key part of that shift is a service called Truth API, which will sell early access to Truth Social posts by Donald Trump and other top users to Wall Street trading firms, the outlet said.
Truth API is priced at $60,000 to $100,000 per month and the company has already signed up 10 customers, mostly high frequency trading firms, the report added, noting that government watchdogs have criticized the paid access concept.