The company behind the social network “Truth Social” announced on Monday that its loss for the second quarter of this year increased tenfold due to a decrease in the value of its digital assets.
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“Trump Media & Technology Group” reported a loss of $238.1 million for the quarter ended June 30, according to the company’s press release. A year ago, the loss was $20 million.
The losses were mainly due to impairments of non-cash assets. This included more than $190 million in losses from “digital asset units, pledged digital asset units, and equity securities.”
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Meanwhile, the company reported revenues of $1.7 million, an 89% increase compared to the same period last year.
In the first financial quarter, “Trump Media & Technology Group” also reported a net loss, mainly driven by a sharp decline in cryptocurrency values.
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The US president regularly uses “Truth Social” to post official announcements.
