Trump Media is “a scam,” and people buying its high-flying stock are “dopes,” IAC and Expedia Chairman Barry Diller said Thursday in a scathing takedown of the social media company whose majority shareholder is former President Donald Trump.
“I mean, it’s ridiculous,” Diller said on CNBC’s “Squawk Box” when asked about Trump Media. “The company has no revenue.”
“It’s a scam, just like everything he’s ever been involved in is some sort of con,” he said of Trump.
A Trump Media spokeswoman, in response to Diller’s comments, said, “It is unsurprising to see die-hard Trump haters and leftwing flacks blow a gasket now that Truth Social has become a public company that, still today, refuses to suppress political expression that contradicts the narratives they want to enforce.”
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So far I can see, Truth Social has no technology or innovation that distinguishes it from Twitter. Nobody is thinking up clever ways to make it better. What Truth Social has is Donald Trump. People use Truth Social because Trump posts there, attracting many of his prominent followers to the site, who then reward other users by interacting with them. Dependence on Trump's personal participation is dangerous.
There is a narrow way, an unlikely Golden Path, by which Truth Social could thrive. If Trump is elected in November, you can be sure that he will post everything he considers and every action he takes on Truth Social before it appears anywhere else. He will direct other members of his administration to do the same. If you want to be the first to know the news, you'll have to use Truth Social. That will attract more users. More users will mean more advertisers. It is possible, though not likely, that Trump could successfully use the power of the presidency to make Truth Social profitable and more valuable. You can be sure that he will have no hesitation about using the government in the attempt.