Originally published at: https://boingboing.net/2024/04/09/trump-social-stock-sinks-to-ipo-level.html
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Trump’s still getting 16 million more shares in a few months if it doesn’t drop below $17 for multiple days.
I mean, if it wasn’t completely blatant money shuffling to him, a grade schooler could read the contract and get it.
Hoping it bottoms out. Then the MAGA fools who bought it will be trying to get their millions from penny stocks along with the trump money they tried to cash in at banks.
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Man, i need to call my grandma
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While some traders are looking to make even more gains from continued price declines, others may be looking to “squeeze” the short positions by betting that something will cause the share price to rise.
LIV Golf, they’re talking to you.
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Assuming Trump gets convicted at this upcoming trial (false records for the porn payoffs)… that would be a federal conviction … how does that affect his stocks and this Truth Social thing? Can convicted grifters still front listed companies?
One can hope.
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I’m up for nominating TFG for a Nobel Prize in Economics when Trump Social shares trade at a negative price.
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The insiders have already pumped and dumped. Leaving Donny behind trapped behind an IPO agreement. One likely written with him in mind
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Ok, it went from $79 to $37, but how is it still so high? The company’s worthless and always will be.
Those Trump tulip buyers are really splashing out here… they’ve got to be entirely responsible for the initial high, as no one else is dumb enough to throw money at this. I suppose at this point, now that the Trumpers are done blowing their savings*, it’s just a bunch of (slightly) more rational actors waiting for someone else to blink first, and I expect as soon as someone starts blinking, it’ll start really sliding in value. I don’t know how Trump will sell any of his shares, when it comes time - will there be any buyers left at that point? If there are, won’t it just crater the stocks?
*What this means is that there’ll shortly be a bunch of impoverished Trump supporters, probably blaming the Democrats for having lost all their money…
I don’t see how there’s even theoretical prospects for growth or profitability. How do you transform a Trump propaganda site, that’s losing money at the height of his popularity, into something profitable? I keep running scenarios, but none seem likely. If you distance it from Trump, it’s yet another money-losing right-wing social media site, but hobbled with ridiculous debt. You could turn it into an “everything” site - for Trump, but that’s far less likely than Twitter becoming one (Truth has just enough tech people to set up some existing open source software, and that’s it). Plus, even if that worked, the only money would be in Trump merch and scams - but no one, including Trump himself, want to sacrifice any of their profits by running it all through Truth.
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Truth Social is making Reddit’s IPO look like a smashing success and a great idea.
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Yup. “Thanks, Obama!”
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I know the SEC is basically toothless and barely functions, but given that this is so obviously a horrible grift isn’t there something they can do? It really is just blatant theft in plain sight.
Note to the SEC - even if you are just a revolving door for wall street grifters, you need to at least pretend to care about this stuff if you don’t want a full reboot.
I am hoping that this massive combination of attempts to hack the weak points of the US political, legal and economic systems ends in utter failure, and that there is a real effort to strengthen the guardrails to prevent such bullshit from ever happening again.
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I want to feel sorry for those MAGA people who’ve put their entire 401k into DJT stock because they believe it’s going to outperform the market, but somehow I just can’t.
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Mine’s at most 10-50 m.
The Planck length is the smallest observable amount of distance and it’s 10-35 m.
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