Originally published at: https://boingboing.net/2024/10/16/trump-media-share-trading-halted-amid-endless-pump-and-dump-cycle.html
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Win or lose, I’m sure a return to Xitter by the Short-Fingered Vulgarian is one of the strings attached to Elon’s big donations. The only people not having a cow over the future of the share price are the biggest suckers and the political mediocrities who run the company.
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Saw a rumor yesterday that donOld was dumping shares. Some huge volume. Can anyone confirm?
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Is Lone Skum really dumb enough to think that any strings attached to anything to do with Trump will actually remain attached? Hmmm. Really not sure about that.
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One of the few certainties in life is that Trump will renege on a deal in a heartbeat if he feels like it. Nevertheless, I could see him sticking with Twitter, just because he’ll get far more followers there (even if many of them are bots) than he would on Truth Social.
I suspect Truth Social isn’t long for this world anyway. Its only real purpose was to move money from the gullible to Trump and his backers. It emphatically does not have a viable business model. Once Trump has got his money out, it probably won’t last more than another six to twelve months.
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Wasn’t that problem the whole reason that Elon wanted to buy & fix Twiter in the 1st place? Surely he took care of what he set out to do, no?
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The gullible won’t notice, anyway.
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Yes. This is a classic “Art o’ Duh Deal” “win” for the ratings-obsessed narcissist. He’ll tell himself he’s screwing over Musk but he’s still going to end up on Xitter.
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Will confirm just so I can trigger a sell off.
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As a principal shareholder, Trump is required by SEC rules to disclose within two days the sale of any of this shares. This is known as the 10% rule and is governed by SEC section 16.
Trump would be required to publicly report such a sale to the Securities and Exchange Commission (SEC) by filing a Form 4 pursuant to Section 16 of the Securities Exchange Act of 1934 (the “Exchange Act”) within two business days following such a sale.He may have additional, more detailed reporting requirements under Section 13 of the Exchange Act if the sale is for greater than 1% of DJT’s common stock.
The public can monitor the filing of Form 4 Insider trading notices here - DJT - Trump Media & Technology Group Corp. - SEC Form 4 Insider Trading Screener - OpenInsider
Nunes and CFO Juhan Phillip sold a bunch of shares back in Aug but nothing notable since.
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He took care of all the bots his pre-purchase due diligence identified.
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That’s why we’ve got to find the quid pro quo behind Musk’s support. The only thing I can come up with is an agreement to, after four years of Trump pushing through pro-Musk policies, have Xitter buy out Trump Social.
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The pump and dump is orchestrated with other stuff too - polymarket is showing ridiculous numbers for trump today. Peter Thiel has his finger on the scale
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New name to me for the Chief Xitter–I like it!
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The trade volume of DJT has been ridiculous for a couple of weeks now. Prior to the end of the lockup period it was trading around 8M shares/day. Now the average is over 30M/day. I absolutely call shenanigans.
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I think the the reasons for Musk’s support are pretty straightforward. Trump will enact billionaire-friendly policies – reduced taxes and regulations. Harris’s policies are likely to be less favorable to Musk. Even if the Democrats aren’t overtly hostile to the very rich, Musk just gets a better deal from Trump.
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That’s the thing, I guess. The dude is a multigazillionaire and thinks he needs a better deal! He needs no such thing. The fact that he and his ilk exist is a sign of the failure of our current system. His kind need no special handling!
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There’s also this disturbing prospect.
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