$10 million for Devin Nunes and $5 million for his cow?
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It is crashing because nobody wants to buy Trump Media stock at ridiculously high prices.
It’s not as if share prices are determined by stock owners unilaterally putting a price tag on their stocks like in a supermarket. In reality it is like a bazaar: If Alice wants to sell Trump Media stock to Bob, then Alice and Bob have to agree on a price per share that is high enough to be acceptable to Alice (the ask) but low enough to be acceptable to Bob (the bid). If they can’t agree, no trade takes place, but if they do, then whatever price they have negotiated becomes the official share price until the next Trump Media stock transaction takes place.
Strong demand for a stock drives the share price up as stock owners realise they can ask for higher prices per share (while potential buyers are prepared to bid more in order to outbid their competitors), and low demand makes the share price fall because stock owners who really want or need to get rid of their shares must lower their ask until it gets to a point where buyers are willing to accept it.
If the price of Trump Social shares is “in freefall” this suggests that the stock is quite unattractive to potential investors and that stock holders eager to “cash out” must do so at a share price that is way lower than expected (by them, anyway). Once the share price drops below what they paid when they bought their shares in the first place, that starts to really suck because they’re losing their original investment, not just any gains they could have made by selling their stock in a situation where there was a lot of demand for it.
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Because the whole thing is a pump and dump, and obviously so… why would anyone but the most eager Trumpers buy and trade the stock since it’s obviously a scam?
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Or foreign hostile governments looking to find a way to buy a poential president with pretty much no risk of legal consequences?
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So, in addition, a way to skirt campaign finance laws, too.
God, I hate this stupid, shitty timeline.
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That is indeed a very good question.
(With cryptocurrencies, it is possible to maintain a high “exchange rate” by means of sham transactions – “wash trading” or “painting the tape” – but on the stock market, that’s illegal.)
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Well cyrpto is largely a scam too… This is why we need stronger regulations of the stock market… We don’t need more “markets” for bullshit. We need more people getting living wages and affordable housing and the current deregulatory environment has only contributed to the current level of massive inequality and emiseration that we’re seeing across the board. None of this is good, except for a few already wealthy dudes who think they are the only ones who matter.
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And we all know what a stickler Trump is for following the law. (/s)
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Trump-and-dump: Speculators bet on Truth Social ‘meme’ stock
Al Shalloudi said he bought at $37 per share and cashed out late last week at $65 per share, clinching a 76% return on his $4,000 investment in just a few days. TMTG’s stock closed on Monday at $48.66 after listing on Nasdaq last week in a deal that valued it at just $10 per share.
“It was a no-brainer. You buy the stock, wait for Trump’s fan base to hear about it, and enjoy your profit,” Al Shalloudi said.
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This isn’t about Lord Dampnut’s worshipers; it’s about other stockholders not being allowed to cash out early, as well.
If/when he does cash out, it will tank that stock price; no one wants to be the last rat off that ship.
Meh. They blame the Democrats for all the world’s woes anyway, so bfd.
His MAGA rallies eight fucking years ago were kind of a clue, don’t you think?
Those examples you cite are obvious grifts, separating fools from their money.
Kinda like what these people do:
Well, if Lord Dampnut somehow finagles his way back into the WH, then Winter will come, so we best not let that happen.
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Yeah, unfortunately he owns almost 79 million shares, after investing very little (if any?) of his own money into the company. So even if he sold his shares when they were down 99% from last week’s peak price of $58 per share, he would still walk away with about $57 million dollars. Unless the stock price goes all the way to zero he’s going to make a fortune from this. The only question is how big that fortune will be.
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I suspect he and his cow got quite a bit more, at least upfront - because the size of the loan payments they’re making raises the question of what cost so much to set up the company in the first place - certainly it wasn’t setting up a Mastodon instance…
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Trump Sues Truth Social Company Co-Founders to Zero Them Out
Trump claims Litinsky and Moss failed to properly set up the corporate governance structure of Trump Media, launch his Truth Social platform and find an appropriate merger partner. That failure hurt the company, he argues. He says they then “began ceaseless attempts to thwart” the blank check deal in the struggle for their respective stakes. In their own suit, the two say Trump was planning to seek millions of extra shares, diluting their stake.
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Yeah, I shorted DWAC when it was first announced as his SPAC but unfortunately those true believers took my money. I also got a kick out of it being associated with the Chinese firms based out of Wuhan while he was still screaming about the “Chyna virus”.
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I think someone here previously posted this intel but The Guardian claims it’s a scoop. 
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By that measure, I run an extremely successful website. No income whatsoever, but we only had a $220 operating loss last year.
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Someone certainly posted the Guardian story.
ETA:
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And presumably you didn’t take out an absolutely enormous loan to get it started either, so you’re super successful!
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