Trump Media CEO Devin Nunes called the company in which Donald Trump has a majority stake “the only game in town” as its shares hovered above $40 per share and were down nearly 50 % from its peak.
The company that owns Trump’s Truth Social platform has seen its value steadily decline after a spectacular opening that saw its total market value soar to $8 billion.
Its market capitalization fell to earth following a report from regulators revealing it lost $58 million last year on revenue of $4 million in 2023 – something Nunes disputed in an interview on Sunday Morning Futures with Maria Bartiromo. That didn’t stop Nunes from praising its appeal to retail investors and the company’s defiant stance against “Big Tech.”
When asked when the company would become profitable, Nunes replied: “Well, look, it’s important to remember, Maria, that these numbers are based on what has been the longest IPO in the world. ‘history. So we were over-regulated.
Former Rep. Devin Nunes, who is CEO of Trump Media, talked about the company’s $200 million in the bank and called the company “the only game in town” after the stock price plunge that led some to call it a meme action.
He said the platform provides “family-friendly, pro-American content,” while saying, “We’re really the only game in town that can accomplish that.”
“So if you actually look at the cost of building TRUTH Social, our beachhead against big tech companies, an impenetrable beachhead that everyone said couldn’t be done without the help of big companies technology companies, which was built for a fraction of what many of them spent.The big dinosaur tech companies were created.
“So even if you take into account the ridiculous cost it took us to get here, we’re in a good place. Why are we well placed? Because we have no debt. We come out debt-free, with a platform that works really well and communicates with millions of people, and we then have $200 million in the bank,” he said.
Trump has relied heavily on the platform to spread his political messages, as he did Monday with a four-minute video announcing his support for state-mandated abortion laws and exceptions for rape, l incest and the life of the mother.
But some Wall Street analysts are calling it a “meme stock” fueled by Trump supporters.
Trump’s stake in the company is valued in the billions, although it has been falling since a grand opening on NASDAQ.
Trump continues to post on Truth Social, as he did with Monday’s video on abortion
Trump Media’s stock price fell sharply in early trading Monday.
Baritromo asked Nunes about the company’s $4 million in revenue amid a $58 million loss in 2023
Nunes, a Trump ally and former chairman of the House Intelligence Committee, said the company hosted the “canceled channels.”
Nunes appeared on Sunday Morning Futures with Maria Bartirimo, who has conducted numerous interviews with Trump.
Nunes, the Trump ally and former chairman of the House Intelligence Committee, spoke about protecting people “around the world from these big tech tyrants,” with a strong track record of “TRUTH” behind him.
He said he was looking at “the whole ecosystem” and mentioned both technology acquisition and “technology construction.”
“There has never been a company like this. And we’re really the only game in town that can accomplish this. He said the most “amazing” part was retail investors – with almost 400,000 initial retail investors and 200,000 new retail investors in recent weeks.
“Okay,” Bartiromo replied.
Asked about Truth Social’s users and competition, he said the company was exploring questions like: “How do we give a home to canceled channels, canceled documentaries?” How to integrate streaming into our application? This is something we are testing. We have tens of thousands of people using it right now.
Nunes owns 115,000 shares of the company, but like Trump, he can only sell them after a six-month lock-up period. His stake fell from $5.6 million on paper Tuesday to $4.6 million Monday morning.
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