Trump's Truth Social CEO claims it is debt free and has $200 million in the bank as stock falls by 50% after wild opening that saw it balloon to $8billion in value

Trump Media CEO Devin Nunes talked up the company where Donald Trump has a majority stake as 'the only game in town,' as its stock hovered over $40 per share and was down nearly 50% since its 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. 

Its market cap came down to earth following a report with regulators revealing it lost $58 million last year on revenue of $4 million in 2023 – something Nunes contested in an interview on Sunday Morning Futures with Maria Bartiromo. That didn't keep Nunes from cheering its appeal to retail investors and the company's defiant stance against 'Big Tech.'

Asked when the company would turn profitable, Nunes responded, 'Well, look, it's important to remember, Maria, that those numbers are based on what was the longest IPO in history. So we were over-regulated.'

Former Rep. Devin Nunes, who serves as CEO of Trump Media, talked up the company's $200 million in the bank and called the company the 'only game in town,' after stock price drops that have some calling it a meme stock

He said the platform provided 'family friendly and pro-American content,' while also saying, 'We’re really the only game in town that can accomplish this.'

'So, if you actually look at the cost that we built TRUTH Social, our beachhead against big tech, an impenetrable beachhead that everybody said couldn't be done without using big tech companies, that was built for a fraction of what many of these big tech dinosaur companies were built for.'

'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 said.

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

But its balance sheet has some Wall Street analysts calling it a 'meme stock' being fueled by Trump supporters. 

Trump's own stake in the company is valued at several billion, although it has been dropping since a big opening on the NASDAQ

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

The share price of Trump media had a steep drop in early trading Monday

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

Nunes, a Trump ally and former chair of the House Intelligence Committee, said the company gives a home to 'cancelled channels'

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

Nunes, the Trump ally and former House Intelligence Committee chair, spoke about protecting people 'around the globe from these tyrants of big tech, with a prominent 'TRUTH' background behind him.

He said he was looking at the 'whole ecosystem', and mentioned both acquiring technology and 'building technology.' 

'There's never been a company like this. And we're really the only game in town that can accomplish this.' He said the most 'amazing part' were its retail investors – with almost 400,000 original retail investors, and 200,000 new retail investors in the last few weeks. 

'Okay,' responded Bartiromo.

Asked about Truth Social users and the competition, he said the company was looking at such questions as: 'How do you give a home to canceled channels, to canceled documentaries? How do you put streaming into our app? That's something that we're testing. We have tens of thousands of people that are actually now using it. 

Nunes owns 115,000 shares in the company, though like Trump he can't sell until a six-month lockup period. His stake has dropped from $5.6 million on paper Tuesday to $4.6 million Monday morning.