Trump Media Reports $238 Million Loss, Refocuses on Social Media

Trump Media & Technology Group, the parent company of Truth Social, reported a $238 million loss for the second quarter of 2026. The losses were attributed to the company's expansion into new ventures, including cryptocurrency and online betting, which have not yielded the expected returns. The company's new CEO, Kevin McGurn, announced during an earnings call that the firm would refocus on its core social media mission, which includes a controversial service offering faster access to President Trump's market-moving posts.

In addition to the financial losses, Truth Social has experienced a significant decline in traffic, with double-digit percentage drops in visitors during June and July, according to estimates from a widely cited online tracking firm. This decline comes as the platform faces increased competition and questions about its long-term viability. The company's decision to pivot back to social media suggests an attempt to stabilize its user base and revenue streams.

Separately, President Trump announced the appointment of Will Scharf as the new White House counsel, effective September 1, replacing David Warrington. Scharf, who previously served as staff secretary and helped secure approval for the $400 million White House ballroom project, will take on the role as the administration continues to navigate legal and political challenges.