Trump Media & Technology Group (DJT.O) reported a net loss of more than $238 million for the second quarter on Monday, as declines in digital assets and equity securities weighed on the company despite higher revenue from its Truth Social platform.
The loss compared with a net loss of nearly $20 million in the year-earlier period and was largely driven by more than $190 million in losses from “digital assets, digital assets pledged, and equity securities,” the company said.
Revenue rose 89% from a year earlier to $1.7 million, with most of the quarterly revenue coming from advertising services on Truth Social, the social media platform used by U.S. President Donald Trump.
The company’s operating expenses rose about 275% from a year earlier to more than $165 million.
“Our operating expenses are largely impacted by the price volatility of digital assets,” Chief Financial Officer Phillip Juhan said during the company’s first earnings call.
Trump Media has expanded beyond social media into cryptocurrencies, financial services and fusion energy as it seeks to diversify its business.
The company also provided details on Truth API, a service that gives customers faster access to Trump’s posts on Truth Social.
Trump Media said it had signed “more than 10 customer agreements to date,” with those clients “primarily high-frequency trading firms” paying between $60,000 and $100,000 a month.
The company was created after Trump was suspended from major social media platforms following the Jan. 6, 2021, attack on the U.S. Capitol. It went public in 2024 through a merger with a special purpose acquisition company and trades on the Nasdaq under the ticker DJT, matching Trump’s initials.
Trump Media has recently shifted its focus toward its media business and a planned merger with fusion energy company TAE Technologies.
Interim Chief Executive Kevin McGurn said the company was pulling back from two agreements it had reached with Crypto.com as it focused on its media operations and the proposed TAE transaction.
McGurn said the TAE combination was “the single most important driver of long-term value for this company.”
Fusion technology has yet to be deployed commercially to generate electricity at scale.
Trump Media shares fell on Monday and Tuesday.
Stay ahead of the Stories shaping our world. Subscribe to Impact Newswire and join our
WhatsApp Channel for updates on global tech, business, and innovation—all in one place.
Dive deeper into the future with the Cause Effect 4.0 Podcast, where we explore the ideas, trends, and technologies driving the global AI conversation.
Got a story to share? Contact Us to reach a global audience with Impact Newswire.
Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
Discover more from Impact Newswire
Subscribe to get the latest posts sent to your email.
