Donald Trump · New York · Elon Musk · CNBC Technology
Trump Media posts $238 million second-quarter loss as crypto declines
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Trump Media & Technology Group on Monday reported a net loss of more than $238 million for its fiscal second quarter on revenue of less than $2 million.
Key facts
- Trump Media & Technology Group on Monday reported a net loss of more than $238 million for its fiscal second quarter on revenue of less than $2 million
- The company's $1.7 million in quarterly revenue mostly came through ad services on Truth Social, TMTG's flagship social media product, which is used by President Donald Trump
- The New York Times reported earlier Monday that Truth Social's traffic, which already paled in comparison to similar platforms, such as Elon Musk 's X, fell sharply this summer
Summary
That loss, which dwarfed the almost $20 million it lost in the same period last year, was primarily due to declines in non-cash assets, including more than $190 million in losses from "digital assets, digital assets pledged, and equity securities," the company said in a press release. The company's $1.7 million in quarterly revenue mostly came through ad services on Truth Social, TMTG's flagship social media product, which is used by President Donald Trump. The New York Times reported earlier Monday that Truth Social's traffic, which already paled in comparison to similar platforms, such as Elon Musk 's X, fell sharply this summer.