The media company behind Donald Trump's Truth Social reported a $238 million loss in the second quarter, according to reports. While the company had previously attempted to expand into cryptocurrency and other business ventures, new Chief Operating Officer Kevin McGurn stated it would now refocus exclusively on the social network platform. However, the company will continue with its nuclear energy project in partnership with TAE Technologies.
Beyond these changes, the company also introduced a new paid service called "Truth API," which will allow early access to posts from the President and other top users. The service is priced between $60,000 to $100,000 per month and will be sold to Wall Street trading companies. While there is criticism that this represents an abuse of government power for personal gain, McGurn responded that this is standard business practice.
The company's second quarter revenue reached $1.7 million, representing an 89 percent increase compared to the previous year. Currently, the company has $1 billion in debt, though it also possesses over $400 million in cash and short-term investments, as well as $1.2 billion in Bitcoin holdings.
Ref: The Guardian
