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Trump Media faces $238M loss in quarter
Reports indicate that Trump Media & Technology Group, the company owned by former U.S. President Donald Trump, incurred a loss of $238.1 million in the second quarter of 2024, representing a tenfold increase compared to a $20 million loss in the same period last year. The company confirmed that it will redirect its resources to focus on social media platforms, especially Truth Social, and will scale back efforts to expand into activities outside the media sector, amid a decline in the value of its digital assets. These results follow significant losses in the first quarter as well, driven by a drop in valuations of assets linked to cryptocurrencies. The company also plans to complete its merger with TAE Technologies, a company specializing in nuclear fusion.
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