Trump Media & Technology Group is unwinding much of its expansion and returning to its original media business by selling a form of White House access. In a conference call with investors Monday, new CEO Kevin McGurn said the company has already signed up several high-speed trading firms, each paying between $60,000 and $100,000 a month, for a service that grants fast access to President Trump's posts. The monthly customers collectively are paying as much as $7 million to $12 million annually, which is two to three times the revenue the company took in for all its businesses last year. The company also reported a loss of $238 million for the three months ended June 30, though much of that was due to paper losses from the plunging value of its bitcoin holdings. Trump Media has lost more than $1 billion since the start of last year, and its stock fell 8% to $9.39 a share on Monday.
Trump Media & Technology Group Corp.New CEO announces high-speed trading firms paying $60k-$100k monthly for fast access to Trump's posts, generating $7M-$12M annual revenue, two to three times last year's total revenue.
Meta Platforms Inc.
BitcoinCompany reported a $238M loss for Q2, largely due to paper losses from plunging value of its bitcoin holdings.
