Parent company of Trump's Truth Social reports $400m loss

Trump Media & Technology Group (TMTG), the parent company of Truth Social, reported a net loss of over $400 million for the first quarter, primarily due to falling cryptocurrency valuations. TMTG generated less than $1 million in revenue during this period, while the company is valued at $2.47 billion on the stock market. President Donald Trump controls about 41% of TMTG's shares, which continues to focus on expanding its infrastructure and audience.