Trump Media logged $238 million Q2 loss as crypto assets sank
What's new: The company booked more than $190 million in digital-asset and securities losses while revenue stayed below $2 million.
Trump Media & Technology Group reported a second-quarter net loss of more than $238 million on less than $2 million in revenue, as declines in digital assets and related holdings swamped its results. The company said over $190 million of the loss came from non-cash hits tied to digital assets, pledged digital assets and equity securities. Quarterly revenue rose 89% from a year earlier to $1.7 million, mostly from Truth Social advertising, while operating expenses climbed about 275% to more than $165 million. Shares of the Nasdaq-listed company, which trades as DJT, closed down 8% Monday. Trump Media also said more than 10 clients, mainly high-frequency trading firms, have signed up for its Truth API service.