Trump media company announces a massive loss and new turnaround effort - AP News

Trump Media & Technology, operator of Truth Social, reported a second-quarter loss of $238 million for the three months ending in June, more than 10 times its loss a year earlier, with per-share losses widening to 86 cents from 8 cents.
The company announced plans to abandon much of a yearlong expansion into unrelated industries such as online betting and crypto, refocusing instead on its core social media mission.
New chief executive Kevin McGurn described the shift as a "disciplined choice to pivot," saying the firm would invest more resources in its most important initiatives and change course when warranted.
Central to McGurn's plan is Truth API, a service giving Wall Street trading firms early access to top posters on Truth Social, including President Donald Trump, who frequently moves markets by announcing policy shifts on the platform.
The paid-access service has intensified ethics concerns from government watchdogs, who have criticized the company as a vehicle for Trump to profit from the presidency, with Democrats pledging to investigate if they win control of Congress in the midterms. McGurn defended the practice as standard across technology and financial industries.
Trump Media will continue its nuclear fusion venture, aiming to close a previously announced merger with energy firm TAE Technologies by year's end; the stock fell 8% in regular trading and slipped further after hours.