Trump Media & Technology said on Monday that it recorded a loss of 238 million dollar in the three months to the end of June. That was more than ten times the 20 million dollar loss reported in the same period a year earlier. New business areas are to be largely abandoned, while the company will refocus on its Truth Social platform, new CEO Kevin McGurn said in a statement.

Trump Media will return its focus to social media and largely withdraw from business areas such as online betting and cryptocurrencies, McGurn said.

Costly Access for Traders

A key component of the new strategy is Truth API, a service that sells trading firms early access to posts on Truth Social. According to McGurn, ten clients, predominantly high-frequency traders, have already subscribed to the service. It costs between 60'000 and 100'000 dollar per month.

The substantial loss was partly driven by unrealized losses on Bitcoin and the cryptocurrency Cronos. On an adjusted basis, the operating loss amounted to 164 million dollar, compared with 44 million dollar a year earlier.

Revenue rose 89 percent in the second quarter to just 1,7 million dollar. At the end of June, the company held more than 400 million dollar in cash and short-term investments, as well as Bitcoin and related assets worth 1,2 billion dollar.