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

submitted 1 week ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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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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[-] calliope@piefed.blahaj.zone 27 points 1 week ago

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.

[-] tomkatt@lemmy.world 21 points 1 week ago

in 24th place among social media companies, a few spots behind YouTube Kids.

I like how they salted the wound there.

[-] RememberTheApollo_@lemmy.world 8 points 1 week ago

Wonder how many of those active users are bots and troll farmers.

[-] protogen420 1 points 1 week ago

do bots would even make sense there? if there is no users why bother botting it? what do they gain from that?

[-] RememberTheApollo_@lemmy.world 5 points 1 week ago

Gotta keep the echo chamber consistent and alive.

[-] protogen420 1 points 1 week ago

fair point

[-] homes@piefed.world 4 points 1 week ago

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 post was submitted on 22 Apr 2026

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