'Like Jan 6 was not an insurrection': Trump Media CEO trolled over claim of Truth Social profitability
WASHINGTON, DC: Trump Media CEO Devin Nunes responded to recent criticisms of the profitability of former President Donald Trump's Truth Social platform, stating it was "well positioned" to make profits, The Hill reported.
The GOP presumptive nominee's social media platform, launched in 2022, went public in late March. According to recent regulatory filings, Truth Social's parent company Trump Media & Technology Group lost $58 million in 2023 while generating around $4.1 million in revenue. Nearly $750,000 was made in the fourth quarter of last year.
Devin Nunes defends Truth Social parent firm
Nune defended the parent company, Trump Media & Technology Group, following the criticisms during an interview on Fox News' 'Sunday Morning Features.'
Host Maria Bartimoro pressed the CEO on when the company would become profitable in light of the loss in 2023, to which Nunes argued the company was "overregulated" and "well-positioned" as it has no debts.
"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,” the Trump Media CEO added.
However, he refrained from giving a clear-cut answer on when the company would turn profitable.
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The 2023 filings adversely impacted Trump Media's stocks, which dropped to about $40 as of April 5 despite the shares reaching $79.38 during the first week of trading.
Trump recently sued his Truth Social co-founders Wesley Moss and Andrew Litinsky, accusing them of mismanagement and hindering the company's progress.
Internet trolls Devin Nunes
Nunes faced online trolling for defending the financial position of Truth Social despite last year's loss.
One user wrote, "It’s like saying Jan 6 was not an insurrection and the insurrectionists were tourists."
It’s like saying Jan 6 was not an insurrection and the insurrectionists were tourists 😅😂
— Ash (@Ash32736371) April 8, 2024
"Moo Cow Devin say what ??" another person mocked.
A third user shared a meme trolling Nunes. A fourth response read, "No one believes a word Devin Nunes has to say . ."
A user wrote on Facebook, "Well positioned to... bend over and take - oh, nevermind," and another added, "Right…….now they believe their followers cannot do the math……58Million LOSS vs 4Million gain."
"If he works for Trump you know he's lying, y'all already been robbed by the IPO," someone else said.
This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.
