IAC chairman and senior executive Barry Diller said Thursday on CNBC’s “Squawk Box” that former President Donald Trump’s social media company Truth Social was a scam.
Host Andrew Ross Sorkin said, “Not a political question about former President Trump, but actually a business question about Truth Social. You’ve seen the stock on the move in this., in this I’ll call it remarkable, maybe even crazy way.”
Diller said, “I’ll say two words, Game Stop.”
Ross Sorkin said, “GameStop, that’s what you think is going on here?”
Diller said, “I think it’s a, I mean, it’s ridiculous. The company has no revenue.”
Ross Sorkin said, “But do you think it could ever be a bigger business? Do you think if he wins the presidency it becomes bigger?”
Diller replied, “No, why would it be bigger? Look, he’s only interesting now because he’s out there entertaining the folks. I hope if he does get elected, he just plays golf for four years.”
Ross Sorkin asked, “So do you think that all of the investors investors in this are getting scammed? Do you think they think this is a transference of wealth from one side to the other and that’s the goal. What do you think is happening?”
Diller said, “I think they’re dopes. I mean, who would buy a company that literally has I mean, I think what does it have $30 of revenue? Why would you put a, how could you put a value on it? They’re buying it for other reasons, just like they bought theaters when there was no theater business or they bought GameStop or whatever. That’s stupid. It’s stupid stuff.”
He added, “Why are you even talking about this? It’s a scam. Just like everything he’s ever been involved in is some sort of con.”
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