Trump Media posts $238 million second-quarter loss as crypto declines

Trump Media & Technology Group on Monday reported a net loss of more than $238 million for its fiscal second quarter on revenue of less than $2 million.That loss, which dwarfed the almost $20 million it lost in the same period last year, was primarily due to declines in non-cash assets, including more than $190 million in losses from "digital assets, digital assets pledged, and equity securities," the company said in a press release.The company's $1.7 million in quarterly revenue mostly came through ad services on Truth Social, TMTG's flagship social media product, which is used by President Donald Trump. That revenue marked an 89% increase from the year-ago quarter. The New York Times reported earlier Monday that Truth Social's traffic — which already paled in comparison to similar platforms, such as Elon Musk's X — fell sharply this summer.Read more CNBC politics and policy coverageTMTG's quarterly operating expenses of more than $165 million were roughly 275% higher year over year."Our operating expenses are largely impacted by the price volatility of digital assets," CFO Phillip Juhan said during the company's first-ever earnings call.The company also provided new details a...