Trump Media, the company behind President Donald Trump's social media platform, reported a $238 million loss in the second quarter, despite revenue more than doubling. Operating losses widened significantly during the period, according to the company's earnings report.
In response, Trump Media said it is abandoning new ventures in online betting and cryptocurrency to refocus on its core social media mission. The company will now concentrate on its Truth API service, which is designed for trading firms and provides faster access to Trump's market-moving posts. The service has been described as controversial.
Meanwhile, a nuclear fusion project with TAE Technologies remains on track, the company said.