Trump's Truth Social CEO claims it is debt free and has $200 million in the ... trends now
Trump Media CEO Devin Nunes talked up the company where Donald Trump has a majority stake as 'the only game in town,' as its stock hovered over $40 per share and was down nearly 50% since its peak.
The company that owns Trump's Truth Social platform has seen its value steadily decline after a dramatic opening that saw its total market value skyrocket to $8 billion.
Its market cap came down to earth following a report with regulators revealing it lost $58 million last year on revenue of $4 million in 2023 – something Nunes contested in an interview on Sunday Morning Futures with Maria Bartiromo. That didn't keep Nunes from cheering its appeal to retail investors and the company's defiant stance against 'Big Tech.'
Asked when the company would turn profitable, Nunes responded, 'Well, look, it's important to remember, Maria, that those numbers are based on what was the longest IPO in history. So we were over-regulated.'
Former Rep. Devin Nunes, who serves as CEO of Trump Media, talked up the company's $200 million in the bank and called the company the 'only game in town,' after stock price drops that have some calling it a meme stock
He said the platform provided 'family friendly and pro-American content,' while also saying, 'We’re really the only game in town that can accomplish this.'
'So, if you actually look at the cost that we built TRUTH Social, our beachhead against big tech, an impenetrable beachhead that everybody said couldn't be done without using big tech companies, that was built for a fraction of what many of these big tech dinosaur companies were built for.'
'So, even if you take the ridiculous cost that it took us to get to this point, we are well-positioned. Why are we well-positioned? Because we have
