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Trump’s Blog Has Somehow Lost $1.1 Billion

Russ Choma, reporting for Mother Jones:

Devin Nunes was not an obvious choice to run a fledgling social media network, but after $1.1 billion in losses, the former dairy farmer and congressman is out as the head of Truth Social.

Donald Trump Jr., a board member at Trump Media + Technology, the parent company of Truth Social, said on Tuesday night that Nunes would be replaced by another executive who formerly worked at Hulu. Nunes confirmed the move in a Truth Social post of his own.

The company, which is majority owned by Donald Trump, has seen its stock plummet 84 percent under Nunes’ leadership, from its debut price of $58 back in 2024. The current share price of around $9.80 is arguably still optimistic for a company that has lost $1.1 billion since it went public, and recorded just over $10.6 million in revenue in the same time.

Like a well-oiled Atlantic City casino.

When Trump Media was first announced as a concept, the Trump family said it would include: Truth Social, streaming television services to rival Netflix and Amazon and web-hosting that would rival Amazon’s AWS business. And all of it would be devoted to fighting the “woke” media and corporate culture that Trump said had blacklisted him following Jan. 6. Truth Social would be a redoubt for freedom of speech, the streaming services would have wholesome non-“woke” content that America craved and the web-hosting would provide a home for any company that dared to challenge Amazon’s alleged anti-free speech motivations.

I’m sure the rest of that has merely been delayed, temporarily, while Trump Media’s best and brightest minds continue working on the cell phone they started selling last summer but still haven’t shipped.

★ Thursday, 23 April 2026