President Donald Trump’s social media firm, Trump Media and Technology Group, disclosed a $238 million (£176 million) net loss for the April‑June quarter, driven by its expansion into non‑media activities such as cryptocurrency investments.
The loss exceeds ten times the figure reported for the same quarter a year earlier, according to the company that operates Truth Social.
Trump Media intends to refocus on its core social‑media mission, which now includes a controversial “quick‑post” service giving influential users accelerated visibility for market‑impacting content.
Interim CEO Kevin McGurn said on Monday that more than ten customers have already subscribed to the service.
The BBC has contacted Trump Media and Technology Group for further comment.
Revenue reached $1.7 million, up 89% year‑over‑year, but the overall loss was driven by declines in cryptocurrency values.
At quarter‑end, total assets stood at $2 billion, with financial assets of roughly $1.9 billion comprising cash, short‑term investments and digital currencies.
The company remains unprofitable despite diversifying into cryptocurrency holdings and clean‑energy projects.
Analyst Markus Thielen of 10x Research described Trump Media as “a crypto‑holding vehicle wrapped around a media company,” noting that most of its losses stem from that strategy.
Thielen added that while the firm is diversifying beyond crypto into social‑media ventures, these new areas have not yet produced meaningful revenue.
In July, Trump Media unveiled a plan to provide Wall Street traders with expedited access to posts on Truth Social—its platform where the former president frequently posts. The service aims to give subscribers an informational edge in trading stocks and other actively traded assets.
The initiative has raised legal and ethical concerns about a company—majority‑owned by the president’s family—potentially profiting from his public statements.
Trump Media said the new service “is expected to generate a new revenue stream,” according to its earnings release on Monday.
Interim CEO McGurn commented, “I’m encouraged by this momentum, and shareholders should expect more frequent updates on our progress each quarter as we enter this next chapter.”