Devin Nunes, the CEO of Trump Media, confidently stated that the parent company of Truth Social, the platform launched by the former president, is in a strong position to become profitable. This response comes in light of recent criticism faced by the company.
During an interview on “Sunday Morning Futures” with Fox News host Maria Bartiromo, Nunes was asked about the expected timeline for Trump Media & Technology Group to become profitable. This comes after regulatory filings revealed that the company incurred a loss of $58 million in 2023. According to the filings, the company, which recently went public, generated approximately $4.1 million in revenue last year, with slightly over $750,000 coming in during the fourth quarter.
When asked about the papers, Nunes said the company was “overregulated” but “well positioned” because it had no debt. After more than two years of delays, the company went public last month following the completion of its merger with blank check company Digital World Acquisition Corp.
“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 from,” he went on to say.
“So, even with the outrageous expenditure of getting to this stage, we are in a good position. Why are we well-positioned? We don’t have any debt. We’re going out of this with no debt, a platform that functions extremely well and speaks with millions of people, and $200 million in the bank,” he explained.
During the interview on Sunday, he declined to indicate when he expects the company to become profitable. Nunes resigned from his House seat representing California in 2021 to become CEO of Trump’s media empire.
After the filings revealed the enormous loss, Trump Media’s stock price fell. As of Friday, shares had plummeted to below $40 after reaching a high of $79.38 during their first week of trading.
Despite admitting a $58 million loss, former President Trump has continued to promote the platform’s profitability.
Last week, Trump posted a message stating that competitors of TRUTH SOCIAL, particularly those from the Radical Left Democrats Party, attempt to discredit the platform by using their unreliable “disinformation machine.” Despite their efforts, Trump emphasized that it is not easy to convince people that TRUTH SOCIAL is not a significant platform for spreading information, as they falsely claim.
