In a significant move, the media company behind former U.S President Donald Trump's Truth Social platform, Trump Media & Technology, announced a substantial loss of $238 million in the second quarter, primarily due to investments in non-media sectors such as crypto. The new CEO, Kevin McGurn, disclosed plans to refocus the business towards its core mission of serving as a user-centric forum, while shedding ventures into online betting and other unrelated industries. A key part of this strategy is Truth API, a service offering Wall Street trading firms early access to top posters on the Truth Social platform, including Trump himself, who holds the most followers. The new service, however, has sparked concerns from good governance watchdogs, with Democrats vowing to investigate if they gain control of Congress in midterms. Despite these challenges, the company is aiming to close a merger with energy firm TAE Technologies by year-end, viewing it as a significant driver of long-term value. The Q2 losses were largely attributed to unrealized paper losses from falling cryptocurrency values and the company's holdings in bitcoin and Cronos. Excluding these and other items, operating losses decreased significantly compared to the previous year. Truth API is expected to bring in a substantial new revenue stream, with potential earnings of between $7 million to $12 million annually from 10 initial customers, primarily high-frequency trading firms. Despite carrying $1 billion in debt, Trump Media appears financially stable with over $400 million in cash and short-term investments at the end of Q2, and holds over $1.2 billion in bitcoin and bitcoin-related assets. This story corrects an error that stated Trump Media posted $1.7 billion in revenue last quarter, not $1.7 million as originally reported.