CLINTON, IOWA - JANUARY 06: Republican presidential candidate former President Donald Trump arrives for a rally at Clinton Middle School on January 06, 2024 in Clinton, Iowa. Iowa Republicans will be the first to select their party's nomination for the 2024 presidential race when they go to caucus on January 15, 2024. (Photo by Scott Olson/Getty Images)
Billionaire media mogul Barry Diller criticized Trump Media & Technology Group, the parent company of Donald Trump’s Truth Social platform, and labeled it a “scam” at an appearance on CNBC after the company’s recent public listing.
In an episode of Squawk Box on Thursday, Diller expressed his skepticism, “Why are you even talking about this? It’s a scam, just like everything he’s ever been involved in is some sort of con.”
After the company began trading last week, shares of Trump Media surged to over $79. However, the stock has since plummeted to $46 per share as of Thursday night. Trump Media reported a revenue of $4.1 million and a significant loss of nearly $58.2 million in the previous year.
Host Andrew Ross Sorkin highlighted the remarkable yet possibly irrational movement of Trump Media.
Diller stated, “I mean, it’s ridiculous. The company has no revenue.”
Sorkin asked, “But do you think it could ever be a bigger business? Do you think if he wins the presidency it becomes bigger?” Diller responded, “No. Why? Why would it be bigger? Look, he’s only interesting now because he’s out there entertaining the folks. I hope if he does get elected, he just plays golf for four years.”
“So do you think that all of the investors in this are getting scammed? Do you think they think this is a transference of wealth from one side to the other and that’s the goal? What do you think is happening?” Sorkin asked.
“I think they’re dopes,” Diller said.
CNN reported that Trump’s net worth took a $1 billion hit after Trump Media disclosed its financial situation on Monday.
In an attempt to promote Truth Social, Trump took to the platform on Thursday, describing it as “AMAZING” and claiming it possessed over $200,000 in cash with no debt. He asserted, “Very good for a start-up, and growing fast.”
Last week, Trump filed a suit against his two cofounders, claiming they weren’t entitled to the $400 million of stock that their contracts specified.
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