The Truth Social parent posted a second-quarter loss as crypto prices fell. It now sells faster access to Trump's posts for $60,000-$100,000 a month, targeting trading firms and media.
Donald Trump's social media company posted a second-quarter loss of $238 million, driven by sinking prices of the cryptocurrencies it holds. The Truth Social parent reported the deficit Monday, compared with a $20 million shortfall in the same period a year earlier.
The company is pivoting to a new revenue stream: selling faster access to Trump's market-moving posts on Truth Social. The product, called Truth API, costs $60,000 to $100,000 a month. Interim Chief Executive Officer Kevin McGurn said the company has signed more than 10 customers, mostly high-frequency trading firms. They build strategies around information advantages measured in fractions of a second. Trump Media is targeting retail investors, news organizations and developers of large-language models for AI as well.
“This can grow into a meaningful, durable contributor,” McGurn said during the company’s first-ever earnings conference call. “It’s just one piece of a broader media technology strategy.”
The API launch followed a series of abandoned ventures. Trump Media scrapped its plan to stockpile a virtual token from Crypto.com after about a year. It also dropped a plan to offer prediction market contracts directly on Truth Social. The company is still working to complete its acquisition of TAE Technologies, a privately held nuclear fusion firm. Fusion remains a commercially unproven energy source.
The $238 million loss dwarfs the $20 million deficit from a year ago. The company has yet to turn a profit across its various ventures. Truth API could provide a recurring revenue stream, but the customer count remains small. McGurn did not disclose how much revenue the product has generated so far.
Shares of Trump Media slid 0.4% to $9.35 in late trading at 6:11 p.m. in New York. The stock had fallen 29% this year through the close of the regular session. The company's market value sits near $1.5 billion, down from a peak above $8 billion in early 2024.
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