TRUMP’S MEDIA COMPANY, WHICH ALSO OWNS TRUTH SOCIAL, REPORTS $238M LOSS
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2 linked publishers are currently covering TRUMP’S MEDIA COMPANY, WHICH ALSO OWNS TRUTH SOCIAL, REPORTS $238M LOSS.
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SOURCE COMPARISON
| Source | Latest linked headline | Age |
|---|---|---|
| US news | The Guardian | TRUMP’S MEDIA COMPANY, WHICH ALSO OWNS TRUTH SOCIAL, REPORTS $238M LOSS | 1 hr ago |
| International homepage | TRUMP MEDIA GROUP RACKS UP LOSSES AND PUSHES INTO NUCLEAR FUSION | 4 hrs ago |
WHAT HAPPENED
Trump Media & Technology (TMT), the parent company of President Donald Trump’s Truth Social platform, reported a $238 million loss for the second quarter ending June, according to The Guardian.
During a conference call, newly appointed chief executive Kevin McGurn explained that the losses were largely driven by the company’s expansion into online betting and cryptocurrency ventures, which have underperformed. He said the firm will now refocus on its core social‑media business and has launched a paid service that gives subscribers early access to the president’s policy posts on the platform. The BBC also reported that the loss was tied to the fall in cryptocurrency values, confirming the impact of the crypto venture.
TMT’s attempt to diversify revenue through crypto and betting was part of a broader strategy, but the ventures proved costly, prompting a pivot back to its original social‑media model.
- Q2 loss of $238 million reported by TMT
- New CEO Kevin McGurn cites failed online‑betting and crypto ventures as key loss drivers
- Company is refocusing on social media and launching a paid early‑access service
RELATED DAMMNEWS COVERAGE
- TRUMP MEDIA REPORTS $238M LOSS AS CRYPTO FALLS
BBC News • 14 mins ago • MONEY - TRUMP MEDIA GROUP RACKS UP LOSSES AND PUSHES INTO NUCLEAR FUSION
International homepage • 4 hrs ago • BUSINESS - MOST X ACCOUNTS POSTING ABOUT BELFAST AND SOUTHAMPTON UNREST WERE BASED OUTSIDE UK
Media | The Guardian • 1 day ago • MEDIA