Truth Social CEO out after $1.1 billion in losses
(www.motherjones.com)
pelespirit
PoliticsThe 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.
The guy got paid more than the company's entire revenue. He got fired from a fake job, at a fake company. He kept the grift going as long as possible, made a fortune, and stayed out of prison. Now he gets to retire with a fat bank account. Sounds like a BIG win to me.
I'm pretty sure I found more money in my pants after a wash than that company made in revenue. It's just 1 guys personally crafted echo chamber.
to be fair that stock aint really worth 46million.
Maybe the next guy will do a better job, and the stock value will increase. It's a Win-Win.
Imagine being stupid enough to invest in Truth Social.
Especially when the CEO is Devin Nunes lol
It's the MAGA thing! Look, he has a new coin/ guitar/ sneaker/ Bible/ MacGuffin, etc. I can buy. The last one sucked, but this one will be cool!
It's just MAGA people. We already know they are the dumbest people on the planet right now.
My favorite part is seeing how badly they predicted their level of “success.” The delusion is strong:
At its launch, a slide presentation distributed to investors and filed with the SEC suggested that by 2026, the company expected to have about $3.3 billion in revenue, 40 million users on Truth Social and another 81 million spread across the company’s other services.
Hahaha!! 81 million people! $3 billion in revenue.
Truth Social may have as few as several hundred thousand daily active users, while Elon Musk’s X is estimated to have around 224 million. Those kind of numbers place it firmly in 24th place among social media companies, a few spots behind YouTube Kids.
That dog was losing money before the launch announcement was over. Investors walked out of there poorer than when they walked in.
Wonder how many of those active users are bots and troll farmers.
do bots would even make sense there? if there is no users why bother botting it? what do they gain from that?
The illusion of activity.
Gotta keep the echo chamber consistent and alive.
fair point
in 24th place among social media companies, a few spots behind YouTube Kids.
I like how they salted the wound there.
A few hundred thousand? I think a YouTube channel I started 20 years ago and only uploaded one video to probably has more subscribers than that.
Yikes
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.
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.
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.
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.
to be fair, it's not a new rule. also stupidity and malice aren't mutually exclusive.
Moooooo.
Is that a reference to a particular cow that got more followers on a social networking platform than his owner?
This is still hilarious even after seven years.
https://www.cnn.com/videos/politics/2019/03/21/devin-nunes-sues-parody-cow-twitter-account-jeanne-moos-pkg-ebof-vpx.cnn
Why yes, yes it is
Devin Nunes was only half cash cow.
