Trump media company announces a massive loss and new turnaround effort

NEW YORK: The president’s media company posted a massive loss in the second quarter and announced plans to ditch new business lines and refocus as a forum for users to post their views.

Trump Media & Technology, the company behind the Truth Social platform, said Monday that it lost $238 million in the three months through June as it branched into businesses unrelated to media, including crypto. That was more than 10 times the loss from a year earlier. The per-share loss widened to 86 cents from 8 cents.