Barry Diller has seen a lot of businesses come and go in his long career and knows a con when he sees one. A company with no revenue and no possibility of ever getting any revenue in the future is the very definition of a meme stock, trading on nothing but Trump's name, which in a way symbolizes Donald Trump's entire career.
Source: CNBC
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.”
Currently hovering around $40, it's down from its high of nearly $80 price on release - and it's still grotesquely overvalued.
