Trump's Truth Social loses $4 billion in value in one week, while revealing wider loss
https://www.cbsnews.com/news/trump-truth-social-djt-stock-down-losses-revenue-going-concern/Open linkView original on lemmy.ml352
Comments44https://www.cbsnews.com/news/trump-truth-social-djt-stock-down-losses-revenue-going-concern/Open linkView original on lemmy.ml
People are starting to realize everything he says is a joke? I can't imagine actually trusting an investment to anything he touches.
No, people do not. Roughly 50 % would still vote him.
Less than 30%. A full third of the USA can't be bothered to vote at all
Don't forget the gerrymandering and efforts to make it unreasonably difficult for people to vote.
Evidence?
The last election and current approval polls?
remember, less than 50% of people who voted voted for him. Over a million more people voted for Hillary than Trump. Largest loss in both % and people in history, I think (for a winning presidential election).
Yeah, unfortunately I'm aware. Of course it's just making it more obvious every day that 50% of the population are below the average intelligence.
Well yeah, that's how averages work. But what isn't obvious is why so many trump followers are intentionally and proudly ignorant, going so far as to attack education as being nothing but indoctrination
There's a big overlap between trump followers and conspiracy theorists
Agreed... It's unfortunate that we're finding out so many people didn't take their education seriously.
Trump Steaks? No?
One more overvalued trump property. Are we surprised?
Benefit with this one is everyone can short it once the option trades become available
I am a bit surprised. I figured it would be an easy way for fat cats to pay off Donnie's massive debts and make him look like a big shot.
I'd love to be the fly on the wall when the top GOPs meet up with the main donors.
It feels like someone is pumping the stock up.
Not your average small business owner either, someone with weight is basically defying every metric of long term/short term investment on a stock that has done nothing but depreciate in value over the past year.
On a product, no one uses.
And said, "That's worth at least as much as Amazon."
Sounds like the work of Blackrock or gs
Blackrock may have deep pockets but they're not that idiotic.
They are corrupt and if they want to help Trump get into office so their shady investments can continue then it wouldn't cost them even pocket change to pump up trump stocks. It's such a small amount of money to them they probably assigned an intern to the account.
Bud, I know it's pretty easy to jump down into conspiratorial rabbit holes whenever talking about Blackrock, vanguard, etc but let me ask you this:
Which sounds like a more solid plan? Investing in a platform that was dead in the water from the start, with no financial future. Or just donating to a bunch of politicians that are okay with your business practices?
I'm not saying they aren't causing a good bit of harm but you don't become the largest investment management firm on the planet by being that stupid
Then let's assume the people in charge want Trump back in office. Wouldn't it just make more sense to make political contributions to him and others sympathetic to his platform? That carries less reputational risk than investing in a known to fail platform.
Plus it's worth mentioning that those are assets under management ; they have to answer to their investors for every time they allocate. They can't just freely swing that around like most people think
They already make contributions that doesn't stop them from giving money in other dark ways like this as well. Just like they give money to pacs, as well as the candidates directly as well as a million other ways to keep the real amount given hard to track.
Assets under management come with management fees they can do whatever the fuck they want with that money. When they have trillions under management the fees are a lot. The more shady shit they do the more money they make for clients the more money they get in fees. Look up 2 and 20.
Maybe so, but they’re also on the opposite side of the aisle. The company that owns Sweet Baby Inc. and deliberately pushes inappropriate levels of DEI via bribery-with-extra-steps probably isn’t about to aid or endorse a Republican, especially one who’s that brazen about the shitty things he does.
Trump selling truth social stock was so that foreign entities could legally give him money so he could pay the bail for the NY case.
he cant sell any, hes lokced to it for 6 months
Doesn't need to, it's asset that can be used for collateral.
Holy shit I didn't realize it was worth that much that's crazy
It wasn't.
Like everything trump touches, it was ridiculously overvalued
he's like king midas except instead of gold everything just gets slathered in shitty bronzer
So he has no way of cashing out?
It's just another roundabout way to accept bribes. Don't be surprised if we find out later on that the Saudis or the Chinese bought a bunch of this stock. If he gets elected this stock will skyrocket.
Boy, I sure miss the Emoluments Clause.
If only they decided to add a punishment to those presidential crime laws. Pretty naive to count on congressmen to do the honourable thing and impeach.
Unless their board approves an earlier date.
6 months is the standard.
But the whole thing is a shit show. John Olivers show last night was on it.
Edit:
I actually put that episode on, saw this article, and like 10 minutes in this article is basically a summary without all the jokes...
This is the best summary I could come up with:
Former President Donald Trump's fledgling media business is losing its sheen among investors a week after going public, with a sharp reversal in the company's stock price lopping $4 billion off its value.
The plunge in Trump Media & Technology Group's shares, which debuted on the Nasdaq Composite Index on March 25 under the ticker "DJT" (after the former president's initials), comes as it disclosed mounting losses in a regulatory filing.
Shares of Trump Media & Technology Group, whose primary asset is the Truth Social platform, tumbled $14.50, or 23%, to $47.46 in Monday afternoon trading.
To be sure, Trump Media continues to maintain a heady market capitalization for a business that's in the red and that booked just $4.1 million in revenue last year.
Yet Truth Social has positioned itself as an alternative to more established tech giants such as Meta's Facebook, which also endured losses in its early years.
"GameStop was the meme stock of a lifetime, but Trump Media has put it to shame," Michael Pachter, an analyst at Wedbush Securities, told the Associated Press last week.
The original article contains 401 words, the summary contains 179 words. Saved 55%. I'm a bot and I'm open source!
How is a mastodon instance assigned a value?
rip bozo, lmao. looks like you cant sustain a social media network around a personality cult around some wet old dude.
Looked like it was enough to get him bail, though
Not bail specifically, it's a bond. A bail keeps you out of jail until a court judgement has been made, a bond keeps the court from taking your assets away to pay off a debt (including from a previous judgement). The bond is held by the court until appeal is over, then given to the winning party when the final judgment is in.
What is the antonym of ‘go woke go broke’ pls?
Go fash lose cash
Turn altright feel the plight
MAGA brain, Capitalist pain. Or just Capital pain
What a great businessman! Much smart! So WOW! Big brain.
Do people actually use that?