Trump Media CEO Devin Nunes said the parent company of the former president’s Truth Social platform is “well positioned” to turn profitable in response to recent criticism.
Fox News host Maria Bartiromo asked Nunes on “Sunday Morning Futures” when he expects the company to turn profitable after recent regulatory filings showed Trump Media & Technology Group losing $58 million in 2023. The filings showed that the company — which went public last month — generated about $4.1 million in revenue last year, with slightly more than $750,000 coming in during the fourth quarter.
Nunes said the company was “overregulated” when asked about the filings and said it was “well positioned” because it has no debt. The company went public last month after finalizing its merger with the blank check company Digital World Acquisition Corp. after more than two years of delays.
“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 said.
“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 no debt. We’re coming out of this with no debt, a platform that works really, really well that communicates to millions of people, and then we have $200 million in the bank,” he added.
He did not say when he expects the company to turn profitable during the interview Sunday. Nunes stepped down from representing California in the House in 2021 to become the CEO of Trump’s media company.
After the filings showed the staggering loss, Trump Media’s stock shares dropped. As of Friday, shares had fallen to about $40 after shares rose as high as $79.38 during its first week of trading.
Despite reporting a $58 million loss, former President Trump has continued to tout the platform’s success.
“All of the competitors to TRUTH SOCIAL, especially those in the Radical Left Democrats Party who are failing at every level, like to use their vaunted ‘disinformation machine’ to try and convince people, and it is not easy to do, that TRUTH is not such a big deal and doesn’t ‘get the word out’ as well as various others, which they know to be false,” Trump posted last week.