Company behind Trump's social media loses 1.5 billion in second quarter

Trump Media & Technology Group (TMTG), the company behind former U.S. President Donald Trump's social media platform Truth Social, has reported substantial financial losses. In the second quarter, the company's deficit exceeded $230 million, equivalent to approximately 1.5 billion Danish kroner. This figure marks a dramatic increase from the $20 million loss recorded in the same quarter last year.

The primary driver for this widened deficit, according to reports citing the company's press release, is a decline in the value of TMTG's digital assets. The company lost $190 million in the second quarter specifically attributed to these assets, which include cryptocurrency holdings. Despite these losses, TMTG did report an 89% surge in revenue for the quarter, reaching $1.7 million compared to the previous year.

Earlier in the year, during the first quarter, TMTG had already posted a significant loss of 2.5 billion Danish kroner, largely due to falling cryptocurrency prices. Truth Social remains a key platform for Trump, who uses it daily for official statements.