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Truth Social CEO out after $1.1 billion in losses (www.motherjones.com)

submitted 20 hours ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

26 comments fedilink hide all child comments

The company, which is majority owned by Donald Trump, has seen its stock plummet 84 percent under Nunes’ leadership, from its debut price of $58 back in 2024. The current share price of around $9.80 is arguably still optimistic for a company that has lost $1.1 billion since it went public, and recorded just over $10.6 million in revenue in the same time.

Even as the company struggled, Nunes prospered. In 2024 alone, his pay outstripped any revenue the company has made over its lifetime—he drew a salary of $1 million, a bonus of $600,000 and was awarded stock worth another $46 million.

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[–] Sanctus@anarchist.nexus 30 points 19 hours ago (1 children)

This was only ever a vanity project for Trump. Or more sinister a way to control a portion of online discourse and perception. It was never meant to make money and it never will.

[–] atomicbocks@sh.itjust.works 7 points 16 hours ago (2 children)

At the same time it wouldn’t surprise me to find out they really did think they could make money from this. With all of their “silent majority” bullshit it can’t have been that hard to delude themselves into thinking that a “safe space” for this “silent majority” would be profitable.

[–] RamenJunkie@midwest.social 3 points 11 hours ago

Literally every Conservative social network has been a colossal failure and money black hole.

Even Twitter got worse once Shitfuck Musk took over. He had to roll it into his government proped up AI/Space company to hide how bad Twitter has been losing money.

[–] Sanctus@anarchist.nexus 3 points 16 hours ago (1 children)

Ah, I forgot the new rule is never attribute to malice that which can be explained by stupidity. I yearn for the sweet flavor of gun metal.

[–] obviouspornalt@fedinsfw.app 1 points 12 hours ago

to be fair, it's not a new rule. also stupidity and malice aren't mutually exclusive.