Trump media company announces a massive loss and new turnaround effort
The president’s media company posted a massive loss in the latest quarter and plans to ditch new business lines and refocus as a forum for users to post their views. The company behind the Truth Social platform said Monday that it lost $238 million in the three months through June as it branched into businesses unrelated to media, including crypto. That was more than 10 times the loss from a year earlier. The new chief executive, Kevin McGurn, said a yearlong effort to expand by branching into several new industries including online betting and crypto would now be largely abandoned as he refocuses the business on its social media mission.
The president’s media company posted a massive loss in the latest quarter and plans to ditch new business lines and refocus as a forum for users to post their views. The company behind the Truth Social platform said Monday that it lost $238 million in the three months through June as it branched into businesses unrelated to media, including crypto. That was more than 10 times the loss from a year earlier. The new chief executive, Kevin McGurn, said a yearlong effort to expand by branching into several new industries including online betting and crypto would now be largely abandoned as he refocuses the business on its social media mission.