President Donald Trump’s carefully cultivated image as a master businessman has taken another hit after his media company revealed nine-figure losses.
Trump Media & Technology, the parent company of Truth Social, reported a $238 million loss for the three months through June, more than 10 times the loss from a year earlier, according to the Associated Press.
The abysmal earnings report comes after it emerged that Truth Social has experienced a dramatic drop in daily active users of its mobile app since last July, plummeting from 436,000 in July 2025 to only 261,000 one year later, according to the Financial Times.
However, the vast bulk of Trump Media’s red ink came from losses on its bitcoin and other cryptocurrency holdings, which have plunged in value, according to the AP.
The billionaire president’s company has spent the past year trying to branch beyond media into new businesses, including online betting and crypto, but CEO Kevin McGurn said Monday that it is largely giving up on those efforts.
“We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives,” McGurn said at a conference call.
Trump Media is placing its hopes on a controversial new scheme to cash in on Trump’s Truth Social posts, having announced the launch of a premium version of the app that gives paying customers earlier access to Truth Social posts from the president and other top accounts.
Ethics watchdogs have slammed the new venture for once again blurring the line between the presidency and his private business interests.
Even Wall Street executives have sought to distance themselves. “It’s insane,” one Wall Street executive told NPR. “I can say for myself and 200 of my friends in finance, we’re not getting anywhere near this. In another administration, this would be considered criminal.”
Still, McGurn said that 10 customers have already signed up for the premium Truth Social feed, for which the company is charging $60,000 to $100,000 a month, according to the AP.
Those 10 customers could provide Trump Media with a lucrative new revenue stream, the outlet reported, generating an estimated $7 million to $12 million a year—around two to three times what the company brought in all of last year.
McGurn brushed aside concerns that the ploy to generate revenue from Trump’s market-moving Truth Social posts presents a massive conflict of interest.
“Providing licensed real-time public data through commercial APIs is a well-established business practice across the technology, financial information and media industries,” he said, according to the AP. “This is no different.”
Trump Media and the White House did not immediately respond to a request for comment.
In a silver lining for the company, revenue jumped 89 percent from a year earlier to $1.7 million. Much of that revenue has come from advertising on Truth Social and related products, according to the Times.
Still, Trump Media’s stock, which has already tumbled more than 80 percent from its post-IPO peak, fell another 8 percent on Monday.
