Trump Media pivots after a heavy quarter, refocusing on Truth Social and data APIs
Trump Media & Technology Group posted a $238 million loss in the June quarter as it abandons several new ventures (online betting and crypto) to refocus on Truth Social. New CEO Kevin McGurn said the company will prioritize its social platform, while launching Truth API to sell real-time data access to traders for $60,000–$100,000 per month, with about 10 customers and potential $7–12 million in yearly revenue. Much of the quarter’s losses came from unrealized crypto drops (Bitcoin and Cronos); excluding those items, operating losses were $164 million. Revenue was $1.7 million for the quarter. The company carries about $1 billion in debt but has over $400 million in cash and $1.2 billion in bitcoin assets, and it still aims to merge with fusion firm TAE Technologies for long-term value. Political scrutiny over the business remains a risk, with Democrats signaling investigations if they gain Congress.