Trump Media reports $238m loss as crypto falls
Summary
Trump Media and Technology Group, which runs President Trump’s Truth Social platform, reported a $238 million loss from April to June. The company’s losses increased mainly due to its investments in cryptocurrencies, but its revenue grew by 89% compared to last year.Key Facts
- The company lost $238 million between April and June 2024, over 10 times more than the same period in 2023.
- Revenue for the quarter was $1.7 million, up 89% from the year before.
- Losses were caused mainly by a drop in cryptocurrency values held by the company.
- Total assets at the end of June were about $2 billion, including $1.9 billion in cash, short-term investments, and digital currencies.
- The company has not yet made a profit.
- Trump Media expanded into areas like cryptocurrency and clean energy investment.
- It launched a new paid service giving traders faster access to President Trump’s posts on Truth Social.
- More than 10 customers have signed up for this new service, which aims to create a new revenue stream.
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