Donald Trump's media company, Trump Media & Technology, which owns the Truth Social platform, reported a $238 million loss in the second quarter of 2026. The losses, for the three months through June, occurred as the company had branched into new ventures including crypto.
Kevin McGurn, the company's new chief executive, announced a strategic pivot during an earnings conference call. After a year-long effort to expand into online betting and crypto, Trump Media will now refocus on social media. McGurn stated this was a "disciplined choice to pivot in order to invest more time and resources in our most important initiatives."
A key part of this new approach is a service called Truth API, which will offer early access to Truth Social posts by Trump and other top users to Wall Street trading firms. This service, priced between $60,000 and $100,000 a month, aims to allow firms to profit from market movements that often follow major policy announcements from Trump on the platform. Trump Media has reportedly already signed 10 customers, primarily high-frequency trading firms.
Government watchdogs have criticised the paid service, with Kathleen Clark of Washington University School of Law describing it as "yet more brazen corruption, an improper exploitation of government power to enrich himself." McGurn has dismissed these concerns, stating that providing licensed real-time public data through commercial APIs is a well-established business practice.
Despite the general refocus on social media, Trump Media will continue with a previously announced venture into nuclear fusion. The company still aims to close a merger with energy company TAE Technologies by the end of the year. In the second quarter, Trump Media's revenue more than doubled from a year earlier to $1.7 million. The company holds over $400 million in cash and short-term investments, along with $1.2 billion in bitcoin and bitcoin-related assets, against $1 billion in debt from special convertible notes due in 2028, though lenders have an option to demand payout in November.