Donald Trump's media company, Trump Media & Technology Group, which owns the Truth Social platform, reported a $238m loss for the second quarter as it branched into ventures such as crypto and online betting. New chief executive Kevin McGurn announced the company would now refocus on social media after a year spent pursuing those diversifications, while unveiling a new paid product, Truth API, that sells early access to Trump's posts to Wall Street trading firms. The move has drawn criticism from government ethics watchdogs, who say it amounts to selling privileged access to presidential decision-making for profit.

The Truth API service charges $60,000 to $100,000 a month and has already signed up ten customers, mostly high-frequency trading firms. McGurn defended the scheme as standard commercial practice comparable to other real-time data services, dismissing conflict-of-interest concerns. The company posted just $1.7m in revenue for the quarter, more than double a year earlier, and holds $1bn in debt from convertible notes not due until 2028 (though lenders can demand repayment in November). It ended the quarter with over $400m in cash and short-term investments plus $1.2bn in bitcoin-related assets, and still plans to pursue a nuclear fusion venture via a merger with TAE Technologies by year-end.