Trump Media Posts $644M in Combined Losses, but Paid Access Service for Wall Street Traders Draws Subscribers

Trump Media & Technology Group, the parent company behind President Trump’s Truth Social platform, reported a net loss of $238.1 million for the second quarter of 2026 — bringing its combined losses for the first half of the year to nearly $644 million, according to SEC filings.The company’s first quarter losses were even steeper. Trump Media posted a $405.9 million net loss in the three months through March, on just $871,200 in revenue, per an SEC filing from May 8. The company attributed the bulk of those losses to non-cash accounting charges, including unrealized losses on digital assets and stock-based compensation totaling $368.7 million.Despite the mounting losses, Mr. Trump Media closed the second quarter with $2.0 billion in total assets and $1.7 million in revenue — up 89 percent from the same period a year earlier. The company also holds $1.2 billion in bitcoin and bitcoin-related assets.Interim CEO Kevin McGurn, who previously held leadership roles at Hulu, Vevo, and T-Mobile, announced at an earnings call that the company would be refocusing on its core social media business after a yearlong push into crypto and online betting.“We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives,” Mr. McGurn said on a Q2 earnings call. “We will say no to things or change course as warranted.”Mr. McGurn has pushed back on those claims, arguing the product is standard industry practice. “Providing licensed real-time public data through commercial APIs is a well-established business practice across the technology, financial information, and media industries,” he said on the call. “This is no different.” The company’s most controversial new move is Truth API — a data licensing product that sells early access to public Truth Social posts by Mr. Trump and other top users to Wall Street trading firms, including high-frequency traders. Subscriptions are priced at $60,000 to $100,000 per month, and the company says it has already signed more than 10 customer agreements.Government ethics watchdogs have been sharply critical of Truth API. “He’s selling expedited, privileged access to information about what he is doing as president,” Kathleen Clark, a government conflicts of interest expert at Washington University School of Law, told the Associated Press. “It’s yet more brazen corruption, an improper exploitation of government power to enrich himself.”Trump Media is also pressing ahead with a proposed merger with nuclear fusion company TAE Technologies, which it expects to close by the end of 2026.

Trump Media Posts $644M in Combined Losses, but Paid Access Service for Wall Street Traders Draws Subscribers

Trump Media Posts $644M in Combined Losses, but Paid Access Service for Wall Street Traders Draws Subscribers

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