In a significant turn of events, Trump Media & Technology, the organization behind the Truth Social platform, reported an enormous loss of $238 million during Q2 2022. The loss, which is more than ten times that of the previous year, was primarily attributed to forays into non-media businesses such as crypto. In response, the newly appointed CEO, Kevin McGurn, announced a strategic pivot, abandoning several new ventures and refocusing on social media and API services. Central to this plan is Truth API, a service offering early access to Wall Street trading firms for top Truth Social posters, including President Donald Trump, who often influences market trends with his announcements. Despite concerns from good governance watchdogs, McGurn remains optimistic about the new service and plans to close a merger with energy company TAE Technologies by year-end. The company reported $1.7 million in revenue for Q2 2022, a significant increase from the previous year, despite unrealized losses due to falling cryptocurrency values. The new Truth API service is expected to generate between $7 million and $12 million annually, making it a substantial new revenue source for Trump Media Group. The company currently has $400 million in cash reserves and $1.2 billion in bitcoin and related assets. This story corrects an error that originally stated Trump Media took in $1.7 billion in revenue last quarter, not $1.7 million.