Originally published at: https://boingboing.net/2024/04/01/truth-social-reports-58-million-loss-share-price-in-freefall.html
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Anyways… the whole thing was a pump and dump scam anyway… I hope when we manage to get past these waves hands wildly things, we’ll get a whole new set of regulations for this kind of stuff.
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From what I heard in the news about this… literally everyone! Not a single story I heard or read said anything other than that this was highly over valued, at best… but of course, no one came out and called it what it actually is, which is a scam… but I think we all knew that anyway. Just the former guy getting away with whatever he can get away with, because nothing in this stupid timeline is actual just and fair…
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Too bad that Lord Dampnut won’t be able to sell a single share for 6 months; by then, those shares may well be worth fractions of a penny each.
So much for that big payday that was being speculated about, just a few days ago…
May his lifelines keep slipping from his tiny fingers.
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“Hey, let’s invest in the Twitter clone with hardly any users started by the guy who was just convicted of over-valuing his properties! What could go wrong?”
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Like an NFT, the trick to getting rich on a meme stock is to get in early then bail just before it peaks. Now that we appear to be on the downslope we have a pretty good answer to the question of who successfully played the market vs. who got played.
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Pretty sure that the Board can vote to override the six month restriction and pay out $$ now. One would hope they’d be a little worried about a shareholder lawsuit if they do so, however; it’d be a little hard to justify how allowing DJT to cash out early would be to the benefit of the other shareholders.
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His version of “free speech” isn’t exactly profitable speech
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I think people still holding shares are going to run out of “greater fools” very quickly.
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They sure can, but as you point out, they would be the ones having to deal with torches & pitchforks.
With any luck, the stock value will plummet so far so fast that an early payout will be irrelevant.
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They are holding the very hottest of potatoes.
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I’m really, really curious how “Truth Social” is managing to spend $62 million a year. On what? They clearly don’t have much of a technical staff, as they’re using Mastodon software that’s not being properly maintained or updated, they barely have any users to speak of so hosting costs shouldn’t be too high, they apparently have only just enough moderators to keep the site from just being goatse images… how many employees could they have? Is it all that money going to Trump and other “executives”?
I mean, you really can’t. It is, demonstrably, all downhill for Truth Social. The user numbers haven’t gone up since it started (in fact, after the initial - minor - surge of interest the numbers have dropped precipitously) because it’s a Trump personality cult site and can’t expand beyond that, as there are more right-wing social media alternatives now (thanks Elno!) since it started (most of which are also failing). There’s no rational argument to be made that the site will ever be an actual, functional business - it will always be a niche propaganda site and money pit.
I’m now imagining what would have happened if Trump had gone ahead with his planned Trump news channel, and the many times more money that would have been spent for even less payoff.
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Axios says:
Most of its expenses are tied to interest on debt, although TMTG also had around a $16 million operating loss for 2023.
https://www.axios.com/2024/04/01/trump-truth-social-revenue-2023
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Okay, so it’s “only” a $16 million operating loss, which still raises the same question, but isn’t quite as baffling.
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The Line Goes Down
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Mastodon.social has roughly twice the number of active users, and runs on €325.9K user donations. This includes the money that goes to developing the Mastodon software. The underlying Truth platform is an illegitimate fork of Mastodon. No kidding the numbers don’t add up.
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Exactly. Everyone, myself included. You didn’t have to be Warren Buffett to predict this one.
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Even Stevie Wonder could have seen this shit coming…
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