The loss posted by the parent company of Truth Social, founded by United States President Donald Trump, surged in the second quarter of the year, with the group announcing plans to abandon new lines of business.
Trump Media and Technology said on Monday that it lost $238 million (€206.2 million) in the three months through June, as it diversified into non-media-related businesses, including cryptocurrencies. This represents more than 10 times the loss recorded in the same period of 2025. Loss per share rose to $0.86 (€0.75), compared with $0.08 (€0.07) between April and June of last year.
In a conference call following the release of the results, the company’s new CEO, Kevin McGurn, said the effort to enter several new sectors, including online betting, would now be abandoned. The executive said Trump Media will refocus on social media, seeking to be a forum for users to post opinions.
McGurn was appointed in April, replacing Portuguese-descendant Devin Nunes, head of the President of the United States’ Intelligence Advisory Board, after the group’s value had dropped by more than five billion euros.
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“We made the disciplined decision to change course to invest more time and resources in our most important initiatives,” McGurn said. “We will say no to some things or change course as needed,” he added.
The key to McGurn’s plan is a service called Truth API, which offers Wall Street brokers early access to top Truth Social users. This includes the user with the most followers, Republican Donald Trump, who frequently influences markets by disclosing major changes in U.S. foreign policy on the platform.
Democrats have pledged to investigate the new paid service should they gain control of the U.S. Congress in the midterm elections scheduled for early November. McGurn dismissed these concerns, noting that other companies sell special, fast access to investors.
“Providing licensed public data in real time through commercial APIs is a well-established business practice in the technology, financial information and media sectors,” he said. “This case is no different,” he assured.
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After surging shortly before Trump’s reelection in November 2024, the company’s shares plunged 67%, wiping out more than six billion dollars (five billion euros) in value.
Trump Media was created as an alternative to the tech giants that banned Trump following the January 6, 2021 riots. The company had said it could eventually become a media giant and compete with streaming services like Netflix. Since going public two years ago, Trump Media has posted losses of more than $1.1 billion (€937 million).
