Trump Media Losses Hit $238 Million as Firm Pivots to Fast Feeds

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessTrump Media Losses Hit $238 Million as Firm Pivots to Fast FeedsDonald Trump’s social media company posted steeper losses as it careened from a big cryptocurrency bet into a controversial new line of business selling faster access to market-moving posts from the US president.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Donald Trump’s social media company posted steeper losses as it careened from a big cryptocurrency bet into a controversial new line of business selling faster access to market-moving posts from the US president.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTrump Media & Technology Group Corp. reported a second-quarter loss of $238 million, driven by plummeting prices of the cryptocurrencies it owns, according to a statement Monday. That compares with a $20 million shortfall during the same period a year earlier for the Truth Social parent.The results accelerate a long-running financial slide for Trump Media, which has failed to turn a profit despite a raft of new ventures, including a plan to stockpile digital assets and acquire an experimental clean-energy company. Last month, the company announced it would sell faster access to Trump’s market-moving Truth Social posts — a move that drew blowback from Democrats and even rankled some free-market fundamentalists on Wall Street. The product, called Truth API, costs $60,000 to $100,000 a month. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterim Chief Executive Officer Kevin McGurn said Trump Media has already signed up more than 10 customers, primarily from high-frequency trading firms, which craft strategies based on information advantages that can come in fractions of a second. But Sarasota, Florida-based Trump Media is looking to reach an even broader group of clients, including retail investors, news organizations and developers of large-language models for artificial intelligence. “This can grow into a meaningful, durable contributor, but it’s just one piece of a broader media technology strategy,” McGurn said during the company’s first-ever earnings conference call.The pivot comes as Trump Media veers from other pursuits.The company scrapped plans to stockpile a virtual token from Crypto.com after just a year. It also nixed a plan to offer prediction market contracts directly on Truth Social. It’s still working to complete its acquisition of TAE Technologies, a closely held company working on nuclear fusion, a promising but still commercially unproven clean-energy source.Shares of Trump Media slid 0.4% to $9.35 in late trading at 6:11 p.m. in New York. The stock had tumbled 29% this year through through the close of the regular session.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.