Trump Media, the company behind Truth Social, is shifting its focus back to its original mission after attempting to expand into various other industries. The company will be unwinding much of its expansion and doubling down on its original media business by selling a form of White House access.
Truth Social’s New Service
The new service, called Truth API, includes posts from other top posters on the site, but no one comes near the president in popularity. He has 13 million followers. The second biggest poster, his son, Donald Jr., has 7.5 million.
Trump Media’s new chief executive, Kevin McGurn, said the company had already signed up several high-speed trading firms, each paying between $60,000 and $100,000 a month. McGurn has rejected the idea that the new business is an ethics quagmire as good-government groups have said, noting that other social media companies provide a similar service.
Financial Struggles
Trump Media needs the money, having lost more than $1 billion since the start of last year. The company’s earnings report released Monday for the three months ended June 30 showed relief is not on the horizon, with a loss of another $238 million.
Original reporting: Alexandria, VA News – WTOP News — read the source article.
