Now Reading: Trump Media posts $238 million loss, sells early Truth Social access
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Trump Media posts $238 million loss, sells early Truth Social access
Trump Media posts $238 million loss, sells early Truth Social access
Trump Media and Technology Group reported a USD 238 million loss for the quarter ended June, over 10 times the year-ago level, and said it would retreat from newer businesses to focus…
The Story in Brief
Trump Media and Technology Group reported a USD 238 million loss for the quarter ended June, over 10 times the year-ago level, and said it would retreat from newer businesses to focus on its core platform. New CEO Kevin McGurn announced the shift on Monday, abandoning a year-long push into online betting and crypto. The company reported USD 1.7 billion in revenue, more than double from a year earlier, but also holds USD 1 billion in debt.
McGurn is betting on Truth API, which gives Wall Street trading firms early access to posts from top Truth Social users, including President Donald Trump, for USD 60,000 to USD 100,000 a month. Over 10 customers have signed up. Separately, Trump has been sued in federal court by the Freedom of the Press Foundation and The Intercept, alleging the arrangement violates the Constitution. Trump Media dismissed the suit as an attempt to censor the president.
The Indian Opinion
The outrage over Truth API assumes a president's posts are official government information. They are not. Trump's social media output is personal commentary, and selling fast access to public data is a common Wall Street practice. The real scandal is the scale: USD 1 billion in presidential crypto revenue, USD 500 million from an UAE-tied firm, and now a paid feed. Watch whether the Justice Department or Congress actually investigates, or whether this ends as another ethics complaint buried in the news cycle. A single subpoena would settle the question of whether norms still apply.
Sources (3): indiatoday.in, timesnownews.com, indiatoday.in (2)
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
