economy
Trump Media posts $238 million second-quarter loss as crypto declines
TMTG said it has signed more than 10 customer agreements for Truth API, the service offering faster access to President Donald Trump's posts.
TL;DR
- TMTG reported a net loss of over $238 million for its fiscal second quarter, a significant increase from the previous year.
- Revenue was less than $2 million, primarily from ad services on Truth Social, but traffic on the platform has reportedly fallen.
- The large loss was mainly due to declines in non-cash assets, including digital assets and securities.
- Quarterly operating expenses increased by approximately 275% year over year.
- TMTG is launching Truth API, a service offering faster access to Truth Social posts, with over 10 customer agreements signed.
- The company is scaling back on crypto agreements to focus on its media business and a merger with fusion energy firm TAE.
- TMTG stock value has decreased significantly since its public trading began.