Trump Media’s quarterly loss widens to $238 million from $20 million a year earlier
The Nasdaq Market site is seen on the day that shares of Truth Social and Trump Media & Technology Group start trading under the ticker “DJT”, in New York City, U.S., March 26, 2024. REUTERS/Shannon Stapleton
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Aug 11 : Trump Media & Technology Group, founded by U.S. President Donald Trump and known for its Truth Social platform, reported a wider second-quarter loss, largely due to unrealized losses tied to its cryptocurrency assets.
Its second-quarter net loss jumped to $238.1 million from about $20 million a year earlier, the company said in a statement.
Digital assets, including cryptocurrencies, came under pressure during the April-to-June quarter as investors shunned riskier assets amid uncertainty over U.S. interest rates, geopolitical tensions and persistent outflows from crypto investment products.
The results come as Trump Media seeks to generate new revenue from Truth API, a licensed data feed that will give banks and trading firms “the fastest” access to posts from influential Truth Social accounts, such as President Donald Trump’s, whose posts often move global markets.
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Trump Media has discussed charging as much as $100,000 a month for the Truth API product, Reuters and other media outlets have reported.
The company said on Monday it had signed more than 10 customer agreements for the feed that launched on August 1, adding that it was continuing to add partners.
“Our new Truth API product is already generating revenue, with more than ten customer agreements signed to date,” the company’s interim CEO, Kevin McGurn, said in a statement.
The company posted $1.7 million in revenue in the quarter ended June, compared with $0.9 million in the same period last year.
McGurn added that the company was making progress toward its proposed merger with fusion energy developer TAE Technologies, an ambitious bet on the power boom spurred by artificial intelligence data centers that adds to the Trump family’s growing roster of diverse ventures from cryptocurrency to real estate holdings and mobile services.
Source: Reuters
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