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Billionaire says Trump Media a ‘scam,’ calls investors ‘dopes’

Trump Media, Truth Social’s parent company, is a “fraud,” billionaire investor Barry Diller said in a CNBC interview Thursday.

“This is a fraud, just like everything he’s ever been involved in is some kind of fraud,” Diller said. spoke on CNBC “Squawk Box” refers to former President Donald Trump and Trump Media & Technology Group.

Diller also said people investing in the company, which had a strong debut on the stock market, are “stupid.”

“I mean, literally, who would buy a company like that? … I mean, what’s the point of $30 in revenue?” Diller said. “Why… can you put any value on that?”

“They’re buying it for a different reason. It’s like buying theaters when there was no theater business or buying GameStop or something like that. It’s stupid, it’s stupid “At the height of the COVID-19 pandemic, Reddit users bought and held dozens of shares of companies like GameStop and AMC,” Diller continued. mentioned about.

Trump Media & Technology Group closed its first week of trading at $62 a share, despite losing $58 million last year, according to regulatory filings.

Trump insisted in a social media post Thursday that his platform is “very solid” despite the company reportedly posting losses in 2023.

“All of TRUTH SOCIAL’s competitors, especially those in the Radical Left Democratic Party who are failing on every level, use their vaunted ‘disinformation machine’ to try to trick people into believing the truth, but it’s easy to do. Not President Trump. As mentioned in the Truth Social post.

The former president also said Truth Social has more than $200 million in cash and “zero debt.”

The Hill reached out to Trump Media & Technology Group and Trump campaign spokespeople.

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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