Trump Media's quarterly loss widens to $238 million from $20 million a year earlier

Aug 11 (Reuters) - Trump Media & Technology Group, founded by U.S. President Donald Trump and known for its Truth Social platform, reported ‌a wider second-quarter loss, mostly owed to unrealized losses tied ‌to its cryptocurrency assets.

Its second-quarter nett nonaccomplishment jumped to $238.1 cardinal from astir $20 cardinal a twelvemonth ​earlier, the institution said successful a statement.

Digital assets, including cryptocurrencies, came nether unit during the April-to-June 4th arsenic investors shunned riskier assets amid uncertainty implicit U.S. involvement rates, geopolitical tensions and persistent outflows from crypto concern products.

The results ‌come arsenic Trump Media ⁠seeks to make caller gross from Truth API, a licensed information provender that volition springiness banks and trading firms "the ⁠fastest" entree to posts from influential Truth Social accounts, specified arsenic President Donald Trump's, whose posts often determination planetary markets.

Trump Media has discussed charging arsenic ​much arsenic $100,000 ​a period for the Truth API ​product, Reuters and different media ‌outlets person reported.

The institution said connected Monday it had signed much than 10 lawsuit agreements for the provender that launched connected August 1, adding that it was continuing to adhd partners.

"Our caller Truth API merchandise is already generating revenue, with much than 10 lawsuit agreements signed to date," the ‌company's interim CEO, Kevin McGurn, said successful ​a statement.

The institution posted $1.7 cardinal successful gross ​in the 4th ended June, ​compared with $0.9 cardinal successful the aforesaid play past year.

McGurn ‌added that the institution was making ​progress toward its ​proposed merger with fusion vigor developer TAE Technologies, an ambitious stake connected the powerfulness roar spurred by artificial quality information centers that ​adds to the Trump ‌family's increasing roster of divers ventures from cryptocurrency to existent property ​holdings and mobile services.

(Reporting by Anusha Shah and Shubham Kalia ​in Bengaluru; Editing by Saumyadeb Chakrabarty)