Trump Media lost $238 million in the second quarter after investing heavily in digital cryptocurrencies like bitcoin that dropped in price.
On Monday, August 10, 2026, the technology company owned by United States President Donald Trump announced a massive financial blow. Trump Media & Technology Group, which operates the popular social media platform called Truth Social, revealed that it lost $238 million in just three months between April and June. The company, which is based in Florida and traded on the American stock market under the ticker symbol DJT, shared these official numbers in its second-quarter financial report to investors. The financial loss is more than ten times larger than the money the company lost during the same period last year, surprising many observers across Wall Street and the business world.
The main reason behind this giant loss comes down to a risky financial gamble involving digital internet money, also known as cryptocurrency. Over the past year, the company spent hundreds of millions of dollars buying virtual coins, including thousands of bitcoins, to hold as cash savings. However, the market prices for these digital currencies fell sharply during the spring months. Because official accounting rules require companies to mark down the current market value of their digital coins, the drop in crypto prices created a huge paper loss of more than $190 million on the company’s books, even though Trump Media did not sell off all its coins. At the same time, the company made only $1.7 million from regular business operations like online advertising, which was not nearly enough money to cover its large spending.
During an official phone conference with business investors following the report, the company’s new Chief Executive Officer, Kevin McGurn, announced that Trump Media would be stopping its plans to branch out into online gambling and digital coins. Instead, he explained that the business will go back to building up its original social network, Truth Social. Explaining why the leadership decided to change direction, Kevin McGurn said, “We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives”. Outlining the new approach for the company going forward, Kevin McGurn added that “we will say no to things or change course as warranted”.
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To try to bring in fresh cash, Trump Media announced a brand new paid feature called Truth API. This service charges big stock market trading firms up to $100,000 every month to get instant, split-second access to President Trump’s social media posts before the general public sees them. Because major news and policy decisions posted by the president can move prices in the stock market instantly, traders want this information as fast as possible to make quick trades. However, government ethics experts quickly spoke out against this program. Speaking to reporters about the deal, law professor and government ethics expert Kathleen Clark stated that the president was “selling expedited, privileged access to information about what he is doing as president”. Pointing out the problem, Kathleen Clark added that “it’s yet more brazen corruption, an improper exploitation of government power to enrich himself”.
Responding directly to these concerns, company head Kevin McGurn defended the subscription program as standard practice in the tech world. Reassuring shareholders about the legality of the new service, Kevin McGurn said, “Providing licensed real-time public data through commercial APIs is a well-established business practice across the technology, financial information and media industries”. Defending the business decision further, Kevin McGurn stated that “this is no different”. Despite the huge financial loss for the quarter, Trump Media still holds over $400 million in bank cash and more than $1 billion in bitcoin assets, giving the company enough savings to keep its doors open while it attempts to rebuild its core platform.
