Trump Media is 'a scam' and people buying its stock are 'dopes,' Barry Diller says

• Trump Media is "a scam," and people buying its high-flying stock are "dopes," IAC Chairman Barry Diller said on CNBC when asked about the social media company backed by Donald Trump.
• "They're buying it for other reasons, just like they bought theaters when there was no theater business or bought GameStop," Diller said.
• Trump is the majority shareholder in Trump Media, the owner of the Truth Social app that he frequently uses.
• Trump Media stock surged after its shares began being publicly traded following a merger with a shell company.

Trump Media is "a scam," and people buying its high-flying stock are "dopes," IAC and Expedia Chairman Barry Diller said Thursday in a scathing takedown of the social media company whose majority shareholder is former President Donald Trump.

"I mean, it's ridiculous," Diller said on CNBC's "Squawk Box" when asked about Trump Media. "The company has no revenue."

"It's a scam, just like everything he's ever been involved in is some sort of con," he said of Trump.

A Trump Media spokeswoman, in response to Diller's comments, said, "It is unsurprising to see die-hard Trump haters and leftwing flacks blow a gasket now that Truth Social has become a public company that, still today, refuses to suppress political expression that contradicts the narratives they want to enforce." 

CNBC has requested comment from a spokesman for Trump, who is the presumptive Republican presidential nominee.

When Trump Media began trading last week with the ticker DJT, its share price rocketed up about 50% to close to $80 before settling down. As of Thursday morning, Trump Media shares were selling for nearly $47.

That gives the company a whopping $6.4 billion market capitalization despite the fact it had just $4.1