Trump Media Widens Quarterly Loss Tenfold Amid Digital Asset Declines
Trump Media & Technology Group recorded a second-quarter net loss that ballooned to $238.1 million.
The figure marks more than a tenfold jump from the $20 million loss in the same period last year, reports The Wall Street Journal.
Most of the widening stemmed from non-cash unrealized losses totaling $190.4 million on digital assets, pledged digital holdings and equity securities.
The company generated $1.7 million in revenue during the quarter, an 89 percent rise from $883,300 a year earlier.
TMTG interim CEO Kevin McGurn said on Friday that the company is terminating a multibillion-dollar cryptocurrency treasury agreement with Crypto.com (CRO), reported Axios.
McGurn said the firm โwanted to get focusedโ amid the increasingly crowded digital asset treasury market.
Trump Media ended the period with $2.0 billion in total assets, including roughly $1.9 billion in financial holdings such as cash, investments, and digital assets.
Legal costs reached $25.6 million, tied largely to legacy matters now mostly resolved.
โฆ Continue reading the full article at the original source below.
