Trump Media & Technology Group, the company that owns the Truth Social platform, reported a loss of $238 million for the second quarter ending in June. The firm experienced steeper losses as it attempted to expand into new business ventures, including cryptocurrency and online betting.
During a conference call regarding the earnings, new chief executive Kevin McGurn announced that the company will ditch these new business lines. TMTG plans to refocus on its social media mission, serving as a forum for users to post their views.
As part of this refocus, the company has introduced a controversial paid service called Truth API. This service offers faster access to President Donald Trump's market-moving posts on policies. The company stated it has already signed more than 10 customer agreements for the Truth API service.