Trump Media It’s “a scam” and anyone who buys its soaring shares is a “fool” international aviation committee and Chairman of Expedia Barry Diller The social media company, whose majority shareholder is former President Trump, came under severe attack on Thursday.
“I mean, it’s ridiculous,” Diller said on CNBC’s “Squawk Box” when asked about Trump media. “The company has no revenue.”
“This is a scam, just like everything he’s been a part of is some kind of scam,” he said of Trump.
In response to Diller’s comments, a Trump Media spokesperson said, “Now that Truth Social has become a public company and, to this day, continues to refuse to suppress Trump’s political speech, it is hard to see die-hard Trump haters and those on the left It’s no surprise to be furious.” contradicts the narrative they want to enforce. ”
CNBC has requested comment from a spokesperson for Republican presidential candidate Trump.
When Trump Media began trading under the ticker DJT last week, its shares surged about 50% to nearly $80 before stabilizing. As of Thursday morning, Trump Media’s stock price was close to $47.
The company has a market capitalization of $6.4 billion despite having just $4.1 million in revenue last year, and its business is focused on the Truth Social app, which has significantly fewer users than major social media platforms.
Trump Media reported a net loss of $58 million in 2023 on Monday.
He compared the rise in the price of Trump media to the “meme stock” craze of 2021, when game station Soared to nearly $500 per share AMC EntertainmentOne movie theater company’s stock price soared to more than $700.
GameStop shares were trading at less than $12 a share in early trading Thursday, and AMC shares were trading at just over $3.
Asked why people were buying the company’s stock, Diller said: “I think they’re crazy.”
“I mean, who’s going to buy a company that makes $30 a year? Who can evaluate its value?” Diller asked.
“They’re buying it for other reasons, like they were buying theaters when they didn’t have a theater business or buying GameStop or something like that.”
“It’s stupid. Stupid thing,” he said.
Asked whether Trump Media would become a bigger business than it is now, especially if Trump is elected president later this year, Diller responded flatly: “No… no.”
“Look, the reason he’s funny now is because he’s out there making people happy,” Diller said. “I hope if he’s elected he plays golf for four years.”
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