Trump's DJT CEO Says Company Is 'Well-Positioned' Financially Amid Criticism: 'If You Take The Ridiculous Cost That It Took Us To Get To This Point...'

The CEO of Trump Media & Technology (NASDAQ:DJT), Devin Nunes, has come forward to defend the financial standing of the company amid recent criticism surrounding its profitability. The defense comes in response to the company’s recent regulatory filings revealing a loss of $58 million in 2023.

What Happened: In an interview on Fox News “Sunday Morning Futures”, Nunes addressed concerns about the company’s profitability following the disclosure of the company’s financial losses, The Hill reported on Sunday. The filings also showed that Trump Media & Technology Group, which went public last month, generated about $4.1 million in revenue last year.

Nunes defended the company by stating it was “overregulated” and “well positioned” due to having no debt. He also highlighted the successful merger with the blank check company Digital World Acquisition Corp. (DWAC) after more than two years of delays.

Despite the significant loss, Nunes remained optimistic, stating that the company had built its Truth Social platform for a fraction of the cost of other big tech companies and had $200 million in the bank.

"So, even if you take the ridiculous cost that it took us to get to this point, we are well positioned. Why are we well positioned? Because we have no debt. We're coming out of this with no debt, a platform that works really, really well that communicates to millions of people, and then we have $200 million in the bank," he added.

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However, Nunes did not provide a timeline for when the company would become profitable. Following the release of the filings, Trump Media’s stock shares fell significantly, dropping to about $40 after peaking at $79.38 during its first week of trading.

Why It Matters: Trump Media has been under scrutiny following an auditor’s concerns about its financial viability. The company’s financial struggles have raised substantial doubts about its ability to continue.

Furthermore, Trump Media was in the spotlight as JJ Kinahan, the chief market strategist at TD Ameritrade, suggested that nearly half of the U.S. who voted for Trump might be interested in buying Trump Media & Technology stock. This could potentially treat their stock purchase as a contribution to Trump’s 2024 campaign.

Despite the reported loss, former President Trump continues to promote the platform’s success.

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