Trump media company announces a massive loss and new turnaround effort

The briefing

Trump Media & Technology lost $238 million in the second quarter, more than 10 times the loss a year earlier, and said it will abandon most of its expansion into businesses like online betting and crypto. New chief executive Kevin McGurn is refocusing on the social media mission, centered on a Truth API service charging $60,000 to $100,000 a month for early access to top Truth Social posters. Ten customers, mostly high-frequency trading firms, have signed up, potentially bringing in two to three times the company's entire revenue last year.