CEO of Trump Media & Technology Group, Devin Nunes, revealed Sunday on Fox News that President Donald Trump’s social media platform, Truth Social, has not only grown in retail investors but is debt-free.
Nunes appeared on “Sunday Morning Futures” to discuss the public opening of President Trump’s platform after merging with shareholders of Digital World Acquisition Corp., a publicly traded shell company, according to the Associated Press.
Fox host Maria Bartiromo brought up the company’s “loss” after its two-week opening, asking Nunes when “growth” should be expected.
He replied, “It’s important to remember, Maria, that those numbers are based on what was the longest IPO in history, so we were overregulated. 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 for.”
Nunes explained, “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 stated.
The TMTG CEO continued to describe Truth Social’s “ecosystem” by focusing on acquiring and building new technology instead of “relying” on Big Tech. He also emphasized that while the company is unique, its retail investors have continued to skyrocket.
“When we went out to get this merger it took a while. One of the reasons, not just the regulation, but we had almost 400,000 people – retail shareholders – who had invested in this company. Now, guess what’s happened over the last couple of weeks. We think we’ve added over 200,000 new retail investors. I would say there’s not another company out there that has retail investors like this,” Nunes stated.
Following its opening at the end of March, Truth Social’s parent company, Trump Media & Technology Group (TMTG), valued up to $9 billion after entering the Nasdaq stock exchange. Within its first day, TMTG hit a 37 percent jump, according to Reuters.
While trading showed that the Trump Media stock dropped 12 percent Friday, according to CBS News, Nunes appeared optimistic about the platform’s future by calling it a “home for everybody.”
“Look, we’re a home for every we’re home for everybody, which is why it’s not just President Trump, one of the most iconic brands in the last 100 years. I mean, that’s a big reason why we know that we’re popular, but at the same time, we’re building quality technology that works and is unbreakable,” Nunes stated.