The CEO of Trump’s Truth Social claims it is debt-free and has $200 million in the bank as shares fall 50% after wild opening, sending its value to $8 billion

Trump Media CEO Devin Nunes called the Donald Trump-owned company “the only game in town” as its shares hovered above $40 per share and are down nearly 50% since their peak.

The company that owns Trump’s Truth Social platform has seen its value steadily decline after a dramatic opening that saw its total market value skyrocket to $8 billion.

The market cap came after a report from regulators showed it lost $58 million last year on revenue of $4 million in 2023 – something Nunes disputed in an interview on Sunday Morning Futures with Maria Bartiromo. That didn’t stop Nunes from touting its appeal to retail investors and the company’s defiant stance against “Big Tech.”

When asked when the company would become profitable, Nunes responded, “Look, it’s important to remember, Maria, that these numbers are based on what was the longest IPO in history. So we were over-regulated.”

He said the platform offered “family-friendly and pro-American content,” while also saying, “We’re really the only game in town that can achieve this.”

“So when you actually look at the cost that we built with TRUTH Social, our beachhead against big tech, an impenetrable bridgehead that everyone said couldn’t be done without the help of big tech companies, that was built for a fraction of what many of these what big tech dinosaur companies were built for.”

“So even if you take the ridiculous costs it has cost us to get to this point, we are well positioned. Why are we well positioned? Because we have no debt. “We’ll come out of this with no debt, a platform that works really well and communicates with millions of people, and we’ll still have $200 million in the bank,” he said.

Trump has leaned heavily on the platform to get his political messages out, as he did Monday with a four-minute video announcing his support for state-driven abortion laws and exceptions for rape, incest and the life of the mother.

But on the balance sheet, some Wall Street analysts are calling it a “meme stock” fueled by Trump supporters.

Trump’s own stake in the company is valued at several billion, although it has fallen since a grand opening on the NASDAQ

Trump continues to post on Truth Social, as he did with a Monday video about abortion

Trump Media’s stock price took a sharp decline in early trading on Monday

Baritromo asked Nunes about the company’s $4 million in revenue amid a $58 million loss in 2023

Nunes, a Trump ally and former chairman of the House Intelligence Committee, said the company is housing ‘cancelled channels’

Nunes appeared on Sunday Morning Futures with Maria Bartirimo, who has conducted numerous interviews with Trump

Nunes, the Trump ally and former chairman of the House Intelligence Committee, spoke of protecting people “around the world from these tyrants of big tech, with a prominent ‘TRUTH’ background behind them.”

He said he was looking at the “entire ecosystem,” mentioning both acquiring technology and “building technology.”

‘There has never been a company like this before. And we’re really the only game in town that can achieve this.” He said the most “amazing” was retail investors – with almost 400,000 original retail investors and 200,000 new retail investors in recent weeks.

“Okay,” Bartiromo replied.

When asked about Truth Social users and the competition, he said the company was dealing with questions like: “How do you accommodate canceled channels, canceled documentaries? How do you set streaming in our app? That’s something we’re testing. We have tens of thousands of people actually using it now.

Nunes owns 115,000 shares in the company, but like Trump can only sell after a six-month lock-up period. His stake dropped from $5.6 million on paper Tuesday to $4.6 million Monday morning.