Billionaire media mogul Barry Diller blasted Trump Media, the parent company of the former president’s Truth Social platform, as a “scam” on CNBC after the company went public last week.
“Why are you even talking about this? It’s a scam, just like everything he’s ever been involved in is some sort of con,” said Diller on Thursday’s edition of “Squawk Box.”
Shares in Trump Media & Technology Group, whose majority shareholder is Donald Trump, increased to over $79 after the company began trading last week.
The company, which reported generating $4.1 million in revenue and losing nearly $58.2 million last year, has since dropped to $46 a share as of Thursday night.
Diller referred to GameStop’s “meme stock” saga in 2021 after host Andrew Ross Sorkin noted that Trump Media is on the move in a “remarkable, maybe crazy way.”
“I mean, it’s ridiculous. The company has no revenue,” Diller said.
“But do you think it could ever be a bigger business? Do you think if he wins the presidency it becomes bigger?” Sorkin asked.
“No. Why? Why would it be bigger? Look, he’s only interesting now because he’s out there entertaining the folks. I hope if he does get elected, he just plays golf for four years,” Diller replied.
“So do you think that all of the investors in this are getting scammed? Do you think they think this is a transference of wealth from one side to the other and that’s the goal? What do you think is happening?” Sorkin asked.
“I think they’re dopes,” Diller said.
The former president’s net worth took a $1 billion hit after the company disclosed its financial situation on Monday, CNN noted.
Trump took to Truth Social on Thursday to call the platform “AMAZING,” claiming that it has over $200 million in cash and no debt.
“Very good for a startup, and growing fast,” the former president wrote.