Unexpected Setback for Trump’s Company!

Truth Social, the social media platform associated with US President Donald Trump, is facing significant financial pressure. Its parent company, Trump Media & Technology Group (TMTG), reported a net loss of $238 million, or around ₹2,000 crore, in the second quarter. Despite an increase in revenue, a sharp decline in cryptocurrency and digital asset markets is reported to have contributed significantly to the loss.

To improve its financial position, the company plans to refocus on its core social media business while reducing its dependence on online betting and cryptocurrency ventures. TMTG is also expanding its Truth API service, offering Wall Street trading firms early access to posts from Donald Trump and other prominent figures by a few milliseconds. The service reportedly costs between $60,000 and $100,000 per month, with 10 high-frequency trading firms already signed up. The company plans to extend the service to news organisations and data centres in the future.