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Tump Media executives are receiving huge financial gains despite the ongoing decline in the company’s stock price.
The companies’ Securities and Exchange Commission (SEC) filings have been published. This month Show us how company executives are compensated through salaries and promissory notes.
What is a promissory note?
A promissory note is a halfway house between a debt security and a loan agreement. It is a legally binding financial instrument that guarantees its holder an amount based on an agreement between two parties.
In the case of Trump Media, company executives were granted promissory notes worth $6.25 million.
That amount was broken down into $1.15 million for CEO Devin Nunes, $4.9 million for CFO Philip Gohan, and $200,000 for Chief Operating Officer Andrew Northall.
Trump Media shares continue to decline
Trump Media merged with Digital World Acquisition Corp on March 26 of this year and saw the company’s shares reach a high water mark of around $80.
Since then, shares have been in a constant free fall, with Monday’s closing bell setting the stock price at $37.17 for shares bearing the former chairman’s initials, DJT.
So, within two weeks of trading, shares were discounted to 55% from the original $80 watermark and saw a 12% drop on Friday and another 10% this week.
This is a troubling trend for the Republican presidential hopeful as the company posted a net loss of $58 million last year on revenue of just $4.1 million. The company is also funded by a retail investor base according to Nunes, which he stated has been an integral part of Trump Media’s foundation.
In a recent interview with Fox News, which is part of Deposit 8K On the company’s website, Nunes had this to say, “The most amazing part of our company, is the retail investors. So when we went out to get this merger, we got it. It took a while. One of the reasons, not just the regulations, but we had like 400,000 people.” , from individual shareholders who have invested in this company. Now guess what happened over the last two weeks, we believe we have added over 200,000 new retail investors. I would say there is no other company that has retail investors like this.
Social media app Truth Social is linked to Trump Media, of which the former president is a majority shareholder. He currently owns 58% of the company, which represents about 78 million shares.
Image: ideogram.
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