Trump Media CEO Devin Nunes to get $600K 'retention bonus' after company lost $58 million
Apr 07, 2024
Trump Media & Technology Group may have lost $4 billion in value since the stock plummeted on reports the company makes no money, but that hasn't kept the company's executives from raking in big salaries, bonuses and stock options as investors and analysts question the long-term viability of the parent company of Truth Social.Stock in the now-public technology company launched on Monday at $79.38 before going into a freefall all week and ending Friday at $40.49.A substantial reason for the collapse was attributed to an auditor's report that the company lost $58 million last year while only generating $4 million in revenue.ALSO READ: 11 ways Trump doesn’t become presidentAccording to a deep dive into executive compensation at the company, the Washington Post is reporting that CEO and president Devin Nunes, who left Congress to take a position with the fledgling company, is doing well despite the company's struggles.According to the report, Nunes made $750,000 in base salary last year which was bumped to a solid d $1 million this year. Along with a grant of 115,000 shares of stock in the company worth approximately $4.6 million, Nunes is also in line for a hefty bonus for sticking around after the massive 2023 losses.The Post is reporting, "Nunes, a former Republican congressman from California, also will receive a $600,000 lump-sum 'retention bonus' this month. A bonus agreement signed by Nunes said the money was designed to help “ensure the continuity” of Trump Media’s business."Nunes is not alone in benefiting mightily, with the report noting, "Dan Scavino Jr., a longtime Trump aide who led his White House’s social media operation and is now advising Trump’s presidential campaign, was paid $240,000 last year through a consulting agreement with his company, Hudson Digital. Scavino will also receive a $600,000 retention bonus this month. Trump Media also issued a $2.2 million 'executive promissory note' to Scavino. The company gave similar promissory notes to other executives, which automatically converted on the day of the merger into stock. The filings do not specify whether Scavino’s note was converted."You can read more about the salaries and bonuses paid to the Trump execs here.
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