After investing in falling cryptocurrencies, the company's losses widened in the first quarter. Three months later, it is clear that the negative trend has continued, with a net loss of $238 million, just over SEK 2.2 billion, for the second quarter.
The company's CEO Kevin McGurn says that the strategy of trying to expand into other industries - including online gaming and crypto - will now be abandoned. The focus will be on social media.
We will say no to certain things or change course when warranted,” McGurn says.
US President Donald Trump, who is very active on Truth Social, co-founded the company in 2021.
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