Donald Trump’s social media company, Trump Media and Technology Group, has reported a $238m (£176m) loss for the second quarter of the year as falling cryptocurrency values weighed on its finances.
The loss, recorded between April and June, is more than 10 times the amount reported during the same period a year earlier by the company that owns President Trump’s Truth Social platform.
Trump Media reported $1.7m in revenue for the quarter, an 89% increase from the same period last year.
However, the company said the decline in cryptocurrency values contributed to its overall loss.
Trump Media ended the quarter with total assets of about $2bn and financial assets of roughly $1.9bn, including cash, short-term investments and digital currencies.
The company has yet to record a profit despite expanding beyond social media into cryptocurrency holdings and clean-energy investments.
Markus Thielen, an analyst at 10x Research, described Trump Media as more of a crypto holdings company “wrapped around” a media business, saying most of its losses had come from that strategy.
The company is now looking to strengthen its social media business, including a new service that gives Wall Street traders faster access to market-moving posts from influential Truth Social users.
The service, known as TruthAPI, was announced in July and is expected to provide the company with a new source of revenue.
More than 10 customers have signed up for the service, paying between $60,000 and $100,000 (£44,430-£74,000) a month, according to the company.
Trump Media interim chief executive Kevin McGurn said the service could become a “meaningful” and “durable” source of revenue.
The company is also exploring opportunities involving technology firms, news organisations and betting markets.
Earlier this month, Trump Media abandoned plans to work with Crypto.com on prediction market features for Truth Social.
The company’s expansion beyond media has raised legal and ethical questions because Trump’s family remains its majority shareholder, while the president frequently uses Truth Social to make market-moving public statements.
Faridah Abdulkadiri
