Unfortunately, Trump will still likely come out much richer than he was before. It’s still nice to see.
Not “unfortunately”, but rather “exactly as intended”.
This entire business is essentially a money laundering scheme.
Yeah, it’s insane the SEC hasn’t already launched an investigation into such an obvious pump and dump scheme.
Musk got away with tons of pump and dumps, SEC seems toothless unless the poor people start investing in things that threaten hedge funds profits.
Nothing shows a healthy system more than blatant, rampant regulatory capture.
That’s by design. People with money made sure they wouldn’t be touched
I’m morbidly interested to see what happens.
Everyone knows that firstly it’s grossly overvalued, secondly trump wants to sell, and thirdly whether or not Trump wins in November the shares will be worthless.
…and thirdly whether or not Trump wins in November the shares will be worthless.
Either it’s a soon a social network based on a former candidate or it’s one that I imagine a president has to distance himself from.
Either way I can see why people don’t want to invest, even the evil greedy unethical ones.
it’s one that I imagine a president has to distance himself from.
There is no chance that this happens. He will gladly keep posting insane screeds as president with zero negative effects to his support.
Thanks for expanding my vocab! “Screed” is a great word for his insane ramblings.
I’m not so certain.
He’s back on twitter, no immediate incentive to posting on truth, why bother.
Correct me if I’m wrong, but I believe they’re already under investigation for breaking the law when the original SPAC openly said they were going to merge with Truth Social when the law says SPACs have to remain agnostic about what companies they may merge with until they do so
Well they’re taking way too fucking long.
They’ve got to wait long enough for Trump to finish dumping all his stock. Sure he may face a court case about it down the line, but that’s nothing new, he’ll have already laundered the money by that point and stashed it away somewhere.
Gotta check if he’s got a banana stand out there
It’s one banana, how much it could cost? $10?
they’re taking way too fucking long
Properly investigating most crimes, especially financial crimes, takes a lot of time and a lot of resources to get right.
Especially when there are a lot of people involved who are actively trying to hide some of their shady shit.
You want the results of the investigation to be able to withstand the court process and all the challenges the defendant will throw at it.
You don’t get a second chance with things like this, you’ve got to get it right the first time.
They were trying to frighten off short sellers. I’m glad I stuck to it.
it’s insane the SEC hasn’t already launched an investigation
Do they publicly announce the start of investigations?
Most law enforcement agencies don’t do that, so the people being investigated don’t start interfering with the investigation.
TBH that’s one thing I don’t blame him for. The real losers and suckers are his base willing to give him money, and he thinks as much of them for certain.
That’s not what I mean.
This company is a scheme to finance Trump’s campaign from foreign sources. The foreign investors are “suckers”, in the sense that they lost money on their investment, but they still achieved their goal: funneling money to Trump.
All the retail investors and MAGA heads are just collateral damage.
everything king mierdas touches turns to caca. if you’re still getting fleeced by this wannabe con man, then i have less than zero sympathy
king mierdas
I’ve heard a lot of nicknames for that man, but that one fits so perfectly, even going all the way back to his casino empire days.
King Mierdas is so awesome!
I wanted to read who the stockholders of this garbage actually are. It’s a great rabbit hole. This one is pure gold https://en.m.wikipedia.org/wiki/Digital_World_Acquisition_Corp.
It’s just shady shit at every level. The people who bought the SPAC didn’t even know the money would go towards Trump and pulled out more than half of the capital.
Then they propped that garbage stock up Musk-style and sold it to their fan base.
The dude who ran the SPAC als has amazing stories tied to his name https://eu.heraldtribune.com/story/opinion/columns/2022/11/16/patrick-orlando-truth-social-you-light-up-my-life-connection/10698187002/
He was already working on mergers in China, but couldn’t close the deal because he didn’t have the money. All sounds like typical escalating scams.
It’s clear why Trump would run a con with this guy.
Another successful business from the genius that knows everything about businesses, military, nuclear and how to raise a family.
If he learns about wind, he could start a university.
He’s very stable too!! Just ask him.
Please ask him, tape it, and don’t let the campaign managers talk him out of it.
Another failed Trump support product lol
Maybe he can use Truth Social to sell some steaks before it shuts down.
NEW NFTZ BOUT TA DROP BAYBEEEZZZ!
“You working at the Bread Bank?”
I’m volunteering till I sell these NFTs.
Bahahaha
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Dumping the stock as soon as possible was always the plan, this is just money laundering through an acquisition company.
My guess, the stock price was propped up by dodgy foreign donors. And he’s looking less and less like a worthwhile investment.
Less and less? They had revenue of 3 million with loss of like 30 million. With a 3 billion dollar market cap it makes no sense.
Oh, they weren’t investing for a direct monetary return, I’m sure. Anyone with eyes could see Truth Social is a dumpster fire.
No, they were looking for political returns, and those are looking more and more risky.
They basically bought Trump bucks. They only have value if he wins.
Pump and dump. Makes perfect sense.
+1
Never attribute to malice that which is adequately explained by wanting to make money.
“We are going to have a crash, and we’re going to have a crash like a 1929" I guess in some sense he was right.
well he did say he would bring grocery prices way down which is only possible if we have a massive, massive recession.
What makes me happy is Margie TG bought shares in this dumpster fire. How’s your investment, you dipshit asshole shithead? Aww, Margie, don’t cry…
She also bought Crowdstrike stock just about a month before the global outage: https://www.thedailybeast.com/marjorie-taylor-greenes-latest-stock-splurge-may-be-conflict-of-interest
Couldn’t have happened to a nicer person… /s
This comment just made me feel really nice. Thanks for that wonderful news.
Haha no problem
quick, someone send them some bailout trump bucks
I’m buying as much TrumpCoin™ as my bank will allow me to transfer right now
This was never more than a ploy to launder foreign money, it does feel pretty brazen for the CEO and COO to cash out before Trump.
It seems to me, all the bag holders should have grounds to sue them, I’m sure atleast a few of them will.
It seems to me, all the bag holders should have grounds to sue them, I’m sure atleast a few of them will.
Sure but they’ll have to balance that probably legitimate cause if action with the fact that they’ll likely get death threats from cult members for filing the suit.
I assume most of the bag holders are cult members who currently don’t believe Trump supporters send death threats. They’ll probably drop suit after being threatened.
Usually the deals are supposed to have strick limits on selling for founders, high muckity mucks, and such at the time it goes public. This is why gates, musk, and a variety of others don’t just sell off. Well that and they own such a large amount it would tank it which is part of the reason for the limitations in contracts and such.
Trump can sell his 115 million shares on September 25th, everyone trying to get out before that happens.
Absolutely wild campaign finance workaround though. If he sells it all he’s still on track to get $1 billion or so. That’s his personal wealth, which can be contributed without limit to his campaign.
It’s insane to me that he could even cash out, who out there even thinks the stock is worth anything, especially when trump starts selling . With my lack of knowledge about the stock market it makes no sense there would be anything on the buying side.
It’s a way to donate money without donating money. Basically a money laundering scheme.
It is still about $2 billion at today’s price.
Good luck getting any of that for the campaign though. A billion of that goes to him. The rest goes to lawsuits.
If it goes down in value at the same rate as the last month or something, it’ll be ~$1 billion at the end of September. I forget the exact math but something like that.
The big question: will Trump himself pull the rug as soon as he’s legally allowed to?
There’s a rule that any question in a headline can be answered “No.” This is the rare exception when the answer is “No shit, of course he will.”
then: the pump now: the dump
They might have forgotten the pump part.
The P/E on DWAC was so comically high. This was a company with a $7B valuation after earning, like, $3000 in a year. They were selling shares in a circa 2022 Mastadon instance that had never been upgraded. It was pure pump.
dont forget about the revenue income, they pulled in what like, a few (ten/hundred?) million of revenue in a year?
they did the pump part… They just forgot that the value was supposed to go up, it’s literally schizo meme stock economics.
That’s because they replaced it with the trump part
the ole trump and dump
It will still move around a bit. This is what is referred to as “shit beta,” which is a stock that can be moved outside the reasonable boundaries of risk for the market makers, which leads to them making defensive moves that cause large price movement. Game Stop, BBBY, and NOK were other good examples of this.
i believe this is what the industry professionals refer to as a “fucky wucky” stock.
The look on Trump’s face in that thumbnail clearly shows that he’s going to need a diaper changed shortly. Glad I’m not one of his handlers…
