Trump Media & Technology Group, the company founded by US President Donald Trump, has reported a second-quarter net loss of $238.1 million, up from about $20 million a year earlier. The sharp jump was driven largely by losses on cryptocurrency-related assets.
The figures were reported by Reuters as digital assets struggled between April and June. Investors avoided riskier holdings because of uncertainty over US interest rates, geopolitical tensions and persistent outflows from crypto investment products.
Trump Media is now seeking new revenue through Truth API, a licensed data service designed to give banks and trading firms rapid access to posts from influential Truth Social accounts, including President Trump’s own profile, whose statements frequently affect global markets.
Crypto exposure widens the loss
According to the company’s statement, the net loss for the second quarter reached $238.1 million, compared with roughly $20 million in the same period last year. Digital assets, including cryptocurrencies, came under pressure from April to June as investors pulled back from riskier investments.
Reuters noted that the sell-off in digital assets was driven by uncertainty surrounding US interest rates, geopolitical tensions and continued outflows from cryptocurrency investment products.
Truth API aims to become a revenue driver
The company has considered charging as much as $100,000 a month for Truth API. The service is designed to give financial institutions and trading firms fast access to influential Truth Social posts.
In a Monday update, the firm said it had already signed more than ten client agreements for the service and was continuing to recruit partners.
– Our new Truth API product is already generating revenue, with more than ten signed client agreements to date – said interim CEO Kevin McGurn.
Źródło: WNP.PL, Fot. Rokas Tenys / Shutterstock
