'No chance this will ever be successful': MSNBC panel dumps on Truth Social's future
One week into trading on Trump Media & Technology Group Corp. stock led the panel on MSNBC's "Morning Joe" to warn long-term investors they need to avoid the company at all costs because there is no evidence it will ever be successful.
Appearing with co-host Joe Scarborough, MSNBC host Stephanie Ruhle, who came to broadcasting after a successful career on Wall Street, agreed with American businessman Barry Diller who trashed the company during an appearance on CNBC on Thursday.
Appearing on "Squawk Box," Diller told the host, "I mean, it’s ridiculous. The company has no revenue.”
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“It’s a scam, just like everything he’s [Trump] ever been involved in is some sort of con," the founder of Fox Broadcasting Company continued.
First stating she wished the clip would be shown again on MSNBC, Ruhle stated, "When we're talking about the truth, nobody likes to go on TV and drop a truth-bomb like Barry Diller does. I called Truth Social a fakakta company, whatever word you want."
"This company is absolutely not worth where it's at on paper," she added. "What's happened in the last 24 hours is Donald Trump is now pumping it up on his platform — earlier this week it was funny because he wasn't. His entire universe is talking up his game. Now that he has a public company, he could get himself entangled in huge problems with the SEC."
"It's going to be interesting to see how he plays this," she later added, "I would make one other point: it shows how clever this is. He's not on the board of the company. [JPMorgan Chase CEO] Jamie Dimon cannot come out and pump up his company because they'll come for him. But Donald Trump, who owns 60 percent of the company and is suing his cofounders, is not an officer of the company. He may have found a loophole where he gets all of the upside and none of the downside, a true Trump special."
MSNBC regular Donny Deutsch jumped in to add, "Let me give you one simple reality: advertisers will never advertise on there. There's a reason Fox let Tucker Carlson go. No matter how big their numbers are, they can't get advertisers."
"You will not have advertisers on Truth Social," he reiterated. "Maybe you'll have gold bouillon or eagle statues and pillows and whatnot. Be clear if you're investing in this company, there's no chance this will ever be successful from a revenue point of view."
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