Trump Media posts $238M loss, abandons expansion plans

Trump Media & Technology, the parent company of Truth Social, reported a massive $238 million loss for the second quarter, more than ten times the loss from a year earlier, driven by paper losses on its cryptocurrency holdings. New CEO Kevin McGurn announced a strategic pivot away from ventures like online betting and crypto to focus on its core social media mission, including a new Truth API service that sells early access to top posters' content to Wall Street firms. The company also plans to continue its nuclear fusion venture through a merger with TAE Technologies.