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Cryptos lead to Trump’s first major loss
Trump Media & Technology, the owner of Truth Social, announced massive losses of $238 million in the second quarter of the year, compared to significantly smaller losses last year. The company incurred larger losses due to its expansion into unrelated fields such as cryptocurrencies and online betting, but it has since announced that it will withdraw from these activities and refocus on social media. Following the announcement, the company's stock dropped by 8% in trading, with the CEO reaffirming plans to realign priorities and invest in core initiatives.
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