Trump Media Q2 results: US president led media ventrue posts $238 million loss as crypto holdings tumble

Crypto losses deepen Trump Media’s woes as company doubles down on Truth Social Trump Media & Technology, the company behind US President Donald Trump's Truth Social platform, reported a $238 million loss in the second quarter, as the value of its bitcoin and Cronos holdings tumbled. The three-month loss through June was more than 10 times the loss recorded a year earlier. In per-share terms, the company's loss widened from 8 cents to 86 cents.The sharp deterioration came even as revenue more than doubled to $1.7 million from a year earlier, marking an 89% rise. Excluding unrealised paper losses on its crypto holdings, along with taxes, interest and other items, Trump Media's operating loss rose to $164 million from $44 million a year earlier.Trump Media ended June with more than $400 million in cash and short-term investments. It also held $1.2 billion in bitcoin and bitcoin-related assets.Trump Media shifts focus back to social mediaThe company also said it was changing course after a year of expanding into businesses beyond media.New chief executive Kevin McGurn said on a conference call after the earnings release that initiatives including online betting and crypto would no...