India, Aug. 11 -- Trump Media and Technology Group, the company behind Truth Social posted a $238 million second-quarter loss and said it would abandon most of its recent expansion into new businesses to refocus on social media.

The loss for the three months through June was more than 10 times the loss a year earlier, while the per-share loss widened to 86 cents from 8 cents.

New CEO Kevin McGurn said Monday that the company would largely drop efforts to expand into industries such as online betting and cryptocurrency, instead directing resources towards its core social media business.

"We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives," McGurn said during an earnings c...