MW Trump Media CEO highlights retail investor base with DJT stock more than 50% below peak
By Steve Goldstein
The chief executive of Trump Media & Technology highlighted the company's retail investor base as he said it was working on adding streaming capabilities to the messaging site.
DJT stock $(DJT)$ fell another 9% in early Monday trade, having fallen 12% on Friday. The stock at its lows on Monday was 55% below its peak after merging with the special purpose acquisition company Digital World Acquisition Company.
Devin Nunes, the former congressman who now runs the company, told Fox News on Sunday that the company is debt free and has $200 million in the bank, and that the company was looking at acquisitions as well as ways to expand internally.
He said that in addition to the 400,000 retail investors who bought the SPAC before the acquisition, there was another 200,000 retail investors who bought the stock afterwards.
He says they are testing putting "cancelled" documentaries onto the site as he said Truth Social, where former President Donald Trump sends messages, will try to incorporate "family friendly and pro-American content."
"We're really the only game in town that can accomplish this," Nunes said.
The website Rumble $(RUM)$ currently airs conservative-friendly content.
In a filing with the Securities and Exchange Commission last week, Trump Media & Technology Group reported revenue of $4.13 million for 2023, with a net loss of $58.2 million. Its auditor raised doubts about its ability to stay in business.
Also read: Trump's DJT stock trades at multiples that exceed the peak of the meme-stock era
-Steve Goldstein
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April 08, 2024 10:29 ET (14:29 GMT)
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