Trump media posts $238m loss as crypto slides

Trump media still can’t turn a profit

The company, which owns Donald Trump’s Truth Social platform, saw its quarterly loss balloon to more than 10 times the figure recorded during the same period a year earlier.

The Trump Media and Technology Group posted $1.7m in revenue, up 89% year on year, but was dragged into the red by a drop in crypto values, according to the BBC. It closed the quarter with total assets of $2bn, including cash, short-term investments and digital currencies, yet has still to turn a profit.

What next for Trump Media

The firm says it will refocus on its social media mission, including a controversial service offering faster access to market-moving posts from Truth Social’s most influential users. Interim chief executive Kevin McGurn said on Monday that more than 10 customers had signed up.

The expansion into crypto and clean energy mirrors other tech-into-finance pushes such as Elon Musk's plan to launch an X bank.

Analyst Markus Thielen has described Trump Media as “more of a crypto holdings firm wrapped around a media company”, a blunt assessment of a business that is still struggling to find a clear route to profitability.