Zach Everson is a Washington, DC-based staff writer at Forbes, reporting on money and politics. He's written about Donald Trump's legal problems and businesses, an ethics investigation into Alexandria Ocasio-Cortez and why Cornel West is broke. His feature on the Trump International Hotel Washington, D.C.
The former Republican Congress man has cashed in as CEO of Trump Media & Technology Group despite the fact it’s losing money and the stock has sunk.or many investors, Trump Media & Technology Group has been a disaster. Since peaking at $79.38 in March, the stock has cratered 62%, to $29.95, even after a recent resurgence. Trump Media, having already burned through $58.2 million in 2023, reported a further $16.
Nunes, one of Trump’s staunchest defenders in the chamber, resigned on Jan. 1, 2022. His contract with the former president’s firm took effect the following day. Prior to helming Trump’s company, the business experience of the then-48-year-old Republican appears to have been limited to working on his family’s dairy farm. But Trump Media thought Nunes’ “leadership experience, familiarity with public scrutiny and media savvy add unique and significant value,” it told would-be investors.
The merger was supposed to occur pretty quickly, but the company faced multiple government inquiries that slowed the process down: a former Digital World board member was found guilty of insider trading; Digital World settled fraud charges with the SEC for “making material misrepresentations” in its pre-IPO filings; and the commission investigated Trump Media’s accounting firm, Borgers, ultimately leading to the firm agreeing to a $12 million fine and a permanent ban.
While Trump Media’s valuation has dropped from almost $7.9 billion to $5.8 billion since the combined company debuted on the market– it doesn’t seem to be because of lack of action on Nunes’ part. Over the past few months, Truth Media launched a content delivery platform and the streaming service Truth+ . Nunes also has been on a campaign to get the government to, whom he accuses of manipulating the market to tank Trump Media’s stock’s price.
Truth Social Trump Media & Technology Group Donald Trump Digital World Acquisition Corp. Congress NASDAQ Securities And Exchange Commission Dairy Farm Net Worth
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