Welcome to Extreme Investor Network, where we provide expert insights and analysis on all things finance. Today, we’ll be discussing some harsh words shared by Barry Diller, IAC chairman, regarding Trump Media and its shareholders.
Many investors were captivated by the debut of Truth Social’s owner, Trump Media and Technology Group, when it went public last week. However, the initial surge in shares was short-lived, and the stock has since plummeted. Barry Diller didn’t hold back his criticism, calling shareholders of Trump Media “dopes” and suggesting that they have been scammed.
Diller highlighted Trump Media’s low revenue numbers, with only $4.1 million in total revenue in 2023 while facing a $58 million loss. These figures led Diller to doubt the potential growth of Truth Social and question the rationale behind investing in the company. He emphasized that the lack of revenue makes Trump Media an unattractive investment option.
In addition, Diller drew parallels between the excitement surrounding Trump Media and the frenzy around “meme stocks” like Gamestop. He expressed skepticism about the platform’s future growth potential and emphasized that the appeal of Donald Trump as a major part of the platform may not be sustainable in the long run.
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