C ypto
losses
deepe
T ump
Media’s
woes
as
compa y
doubles
dow
o
T uth
Social
T ump
Media
&
Tech ology,
the
compa y
behi d
US
P eside t
Do ald
T ump’s
T uth
Social
platfo m,
epo ted
a
$238
millio
loss
i
the
seco d
qua te ,
as
the
value
of
its
bitcoi
a d
C o os
holdi gs
tumbled.
The
th ee-mo th
loss
th ough
Ju e
was
mo e
tha
10
times
the
loss
eco ded
a
yea
ea lie .
I
pe -sha e
te ms,
the
compa y’s
loss
wide ed
f om
8
ce ts
to
86
ce ts.The
sha p
dete io atio
came
eve
as
eve ue
mo e
tha
doubled
to
$1.7
millio
f om
a
yea
ea lie ,
ma ki g
a
89%
ise.
Excludi g
u ealised
pape
losses
o
its
c ypto
holdi gs,
alo g
with
taxes,
i te est
a d
othe
items,
T ump
Media’s
ope ati g
loss
ose
to
$164
millio
f om
$44
millio
a
yea
ea lie .T ump
Media
e ded
Ju e
with
mo e
tha
$400
millio
i
cash
a d
sho t-te m
i vestme ts.
It
also
held
$1.2
billio
i
bitcoi
a d
bitcoi – elated
assets.
T ump
Media
shifts
focus
back
to
social
media
The
compa y
also
said
it
was
cha gi g
cou se
afte
a
yea
of
expa di g
i to
busi esses
beyo d
media.New
chief
executive
Kevi
McGu
said
o
a
co fe e ce
call
afte
the
ea i gs
elease
that
i itiatives
i cludi g
o li e
betti g
a d
c ypto
would
ow
la gely
be
aba do ed
as
the
compa y
etu s
its
focus
to
social
media.
“We
made
the
discipli ed
choice
to
pivot
i
o de
to
i vest
mo e
time
a d
esou ces
i
ou
most
impo ta t
i itiatives,”
McGu
said.
“We
will
say
o
to
thi gs
o
cha ge
cou se
as
wa a ted,”
the
executive
told
AP.T ump
Media’s
stock,
which
had
al eady
falle
8%
du i g
egula
t adi g,
slipped
slightly
i
afte -hou s
t adi g
afte
the
ea i gs
epo t.
T uth
API
takes
ce t e
stage
McGu
is
placi g
g eate
emphasis
o
T uth
API,
a
ew
se vice
that
gives
Wall
St eet
t adi g
fi ms
ea ly
access
to
posts
f om
leadi g
use s
o
T uth
Social.The
se vice
i cludes
access
to
posts
f om
T ump,
the
platfo m’s
most-followed
use ,
whose
posts
have
ofte
moved
ma kets
whe
he
a ou ces
majo
US
policy
shifts
o
the
site.T ump
Media
is
cha gi g
$60,000
to
$100,000
a
mo th
fo
T uth
API
a d
has
al eady
sig ed
10
custome s,
McGu
said.
Most
a e
high-f eque cy
t adi g
fi ms
that
buy
a d
sell
i
milliseco ds.“We’ e
i
the
ea ly
i i gs,”
McGu
said,
addi g
that
the
pote tial
ma ket
exte ds
beyo d
t ade s
to
data
ce t e
compa ies,
ews
o ga isatio s
a d
develope s
of
la ge
la guage
models.With
10
custome s,
the
se vice
could
ge e ate
betwee
$7
millio
a d
$12
millio
a
yea ,
o
oughly
two
to
th ee
times
the
compa y’s
e ti e
eve ue
last
yea .
Paid
se vice
d aws
sc uti y
The
se vice
has
also
aised
co ce s
amo g
good
gove me t
watchdogs,
who
have
c iticised
T ump
Media
si ce
the
begi i g
of
T ump’s
seco d
te m
ove
the
possibility
of
the
compa y
p ovidi g
him
a
way
to
p ofit
f om
the
p eside cy.
Democ ats
have
said
they
would
i vestigate
the
paid
se vice
if
they
gai
co t ol
of
Co g ess
i
the
midte ms.McGu
dismissed
those
co ce s,
poi ti g
to
the
wide
use
of
simila
se vices.“P ovidi g
lice sed
eal-time
public
data
th ough
comme cial
APIs
is
a
well-established
busi ess
p actice
ac oss
the
tech ology,
fi a cial
i fo matio
a d
media
i dust ies,”
he
said.
“This
is
o
diffe e t.”
Nuclea
fusio
ve tu e
to
co ti ue
T ump
Media
is
ot
aba do i g
all
of
its
ew
ve tu es.
Its
p eviously
a ou ced
uclea
fusio
busi ess
will
co ti ue,
with
McGu
sayi g
the
compa y
hopes
to
complete
its
me ge
with
e e gy
compa y
TAE
Tech ologies
by
the
e d
of
the
yea .“We
co ti ue
to
believe
it’s
the
si gle
most
impo ta t
d ive
of
lo g-te m
value
fo
this
compa y,”
McGu
said
of
the
fusio
busi ess.The
compa y
has
$1
billio
i
debt
th ough
special
co ve tible
otes
that
a e
ot
due
u til
2028.
Howeve ,
le de s
have
a
optio
to
dema d
that
the
otes
be
cashed
out
i
Novembe ,
pote tially
affecti g
the
compa y’s
fi a ces,
although
it
appea ed
to
have
ample
cash
at
the
e d
of
the
qua te .
