| Donald Trump's social media company posted steeper losses as it careened from a big cryptocurrency bet into a controversial new line of business selling faster access to market-moving posts from the US president. Trump Media & Technology Group Corp. reported a second-quarter loss of $238 million, driven by plummeting prices of the cryptocurrencies it owns, according to a statement Monday. That compares with a $20 million shortfall during the same period a year earlier for the Truth Social parent. The results accelerate a long-running financial slide for Trump Media, which has failed to turn a profit despite a raft of new ventures, including a plan to stockpile digital assets and acquire an experimental clean-energy company. Last month, the company announced it would sell faster access to Trump's market-moving Truth Social posts - a move that drew blowback from Democrats and even rankled some free-market fundamentalists on Wall Street. The product, called Truth API, costs $60,000 to $100,000 a month. ALSO READ: 'We Control Hormuz': Trump Calls Blockade Against Iran A Steel Wall, Hints At Military Escalation Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay Interim Chief Executive Officer Kevin McGurn said Trump Media has already signed up more than 10 customers, primarily from high-frequency trading firms, which craft strategies based on information advantages that can come in fractions of a second. But Sarasota, Florida-based Trump Media is looking to reach an even broader group of clients, including retail investors, news organizations and developers of large-language models for artificial intelligence. "This can grow into a meaningful, durable contributor, but it's just one piece of a broader media technology strategy," McGurn said during the company's first-ever earnings conference call. The pivot comes as Trump Media veers from other pursuits. The company scrapped plans to stockpile a virtual token from Crypto.com after just a year. It also nixed a plan to offer prediction market contracts directly on Truth Social. It's still working to complete its acquisition of TAE Technologies, a closely held company working on nuclear fusion, a promising but still commercially unproven clean-energy source. Shares of Trump Media slid 0.4% to $9.35 in late trading at 6:11 p.m. in New York. The stock had tumbled 29% this year through through the close of the regular session. |
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