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Ben on a Wire

The Daily Wire is pitching investors on the dream of a conservative media empire in growth mode—but the company’s declining revenue, disappearing audience, and executive turmoil tell a very different story. Is anyone buying Ben Shapiro’s narrative that the Wire is 18 months from a $2 billion I.P.O.?

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Ben Shapiro
Ben Shapiro at a Turning Point USA event on Jan. 19, 2025 in Washington, D.C. Photo: Samuel Corum/Getty Images
Dylan Byers
June 24, 2026

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On Tuesday, shortly after the news broke that conservative media star Ben Shapiro was eyeing an I.P.O. for The Daily Wire and seeking a new $100 million-plus investment, a well-placed source texted me to offer a clearer-eyed assessment. They are “wanting [and] needing to grab cash,” the source said. “I’ve never known what it feels like to be drowning, but I guess this is that.”

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