total-news-1024x279-1__1_-removebg-preview.png

LANGUAGE

Trump Media CEO Devin Nunes says Truth Social parent company is ‘well positioned’ in response to criticism over profitability

Trump Media CEO Devin Nunes said the parent company of the former president’s platform Truth Social is “well positioned” to return to profitability in response to recent criticism.

FOX News host Maria Bartiromo said on “Sunday Morning Futures” that recent regulatory filings show Trump Media & Technology Group will lose $58 million in 2023. We asked Nunez when he expects the company to become profitable. Documents to be submitted It showed the company, which went public last month, had revenue of about $4.1 million last year and just over $750,000 in revenue in the fourth quarter.

In response to questions about the filing, Nunes said the company is “over-regulated” and is “in a good position” because it has no debt. After more than two years of delays, the company went public last month after completing a merger with blank check company Digital World Acquisition Corporation (DWAC).

“So when you actually look at the cost of building TruthSocial, which is our beachhead against big tech, it’s an impregnable beachhead that everyone said you couldn’t do without using big tech companies, and this is “It was built at a fraction of the cost of many of these “huge high-tech dinosaur companies that were made out of it,” he said.

“So even considering the tremendous costs it took to get here, we are in a good position. Why are we in a good position? Because we have no debt. “We came out of this situation debt-free, the platform worked really well, we communicated with millions of people, and we have $200 million left in the bank,” he added.

In an interview Sunday, he did not say when he expects the company to become profitable. Nunes resigned as California’s representative in the House of Representatives in 2021 to become CEO of Trump’s media company.

Trump Media’s stock price fell after filings revealed staggering losses. During the first week of trading, the stock price rose to $79.38, but as of Friday, the stock had fallen to about $40.

Despite reporting a $58 million loss, former President Trump continued to tout the platform’s success.

“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 convince people of the truth, but it’s not easy to do. “No, it’s not that big of a deal and it doesn’t ‘spread the word’ as much as various other pieces of information, but they know it’s false,” Trump posted last week.

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

Facebook
Twitter
LinkedIn
Reddit
Telegram
WhatsApp