This is amusing. If you just take the names out of the equation and go with the simple facts, here is the scenario. Party “X” is a very wealthy man. At least on paper. He claims to be worth mega bucks. Party “Y” is a litigious congressman whose family were dairy farmers. Y has zero experience in social media, yet for reasons that are never explained, X asks Y to head up a social media platform which is designed to be the right-wing competitor to Twitter. And that might have in fact worked, but then Party “Z” comes into the picture and buys Twitter and invites back all the right-wing crazies who were previously banned from the platform.
So where does that leave things? Well, as of Friday the New York Stock Exchange was reporting a steady fall in Truth Social stock. For a stock that started out at $79 a few weeks ago, it was closing in the high twenties. There was a little bit of see sawing going back and forth when a lot of diluted shares of the company went onto the market, but the bottom line seems to be that the company was wildly overvalued to begin with and the party is soon going to be over. Unless you listen to the company’s CEO, Devin Nunes. He’s got a different take on it all.
I can't imagine why no one wants to buy shares of a company that generated $4.1 million in revenue while losing $58 million last year, then issued millions of new shares and announced a gigantic project to START A STREAMING SERVICE FOR CANCELED TV SHOWS
It must be a liberal…
— ProLib 🇺🇦 (@prolibshow) April 20, 2024
It must indeed be a liberal conspiracy, as this poster opines. It simply couldn’t be that the company was ill conceived and mismanaged now could it? But hope springs eternal amongst some shareholders:
“In a couple years I will be really rich or really broke. I chose to believe that free speech and Truth will win out in the end,” said @snowblazer on Wednesday afternoon. “I have no plan to sell anytime soon. It’s been a painful rollercoaster of a ride but my conviction is still strong!!”
The company on Wednesday also provided instructions to small shareholders on Wednesday about how to make short-selling of Trump Media shares more difficult.
Short selling is when investors bet a share will fall, and many small shareholders have blamed these bets as responsible for the company’s poor performance since its trading debut.
Despite the latest share gains, professional investors cautioned the outlook was not good for Trump Media, putting some of the small investors who are holding onto the stock at risk.
“It’s only a matter of time where they become disillusioned,” says Julian Klymochko, CEO of Accelerate Financial Technologies.
Trump Media recently said it would be issuing additional shares. The company also said it would be launching live video streaming, which investors regarded as a risky and expensive bet.
What, there’s not a market for old detective shows from the 60’s? The hell you say. I wonder if the demographics of Truth Social will come out at some point, meaning how many small investors there were and how many of those investors lost their shirts because they believed in Trump and that he would perform some kind of a miracle.
It’s been predicted for some time that Truth Social will fold before Election Day. Let’s see if that’s the case. One thing is certain, this is one stock that’s not going out quietly. And can it be saved? Trump is certainly hoping so. The day doesn’t go buy when he doesn’t go on the platform and bray, “Truth Social is the Voice Of America.” Well, no, it’s not. The Voice of America is actually a successful radio network which functions in 49 languages. Truth Social is one of Trump’s get rich schemes.
But Truth Social will go down and out with a lot more publicity than most of the rest of Trump’s ventures, simply because of the nature of the thing and also the timing of its expected demise.
Mark you calendars. It’s mid-April, let’s see if Truth Social is still on the internet by mid-September.
He can be thankful that the mob didn’t invest. Otherwise, he and know nothing nunes would be shot in the head, wrapped in chicken wire, and deposited in international waters. Good times.
Nah. The mob didn’t get where they are by being stupid.
They knew Trump’s vaunted casino went bankrupt; that’s enough for them to know what kind of moron he is and why they should make sure as little of their money gets entangled with him.
“Truth Social is one of Trump’s get rich schemes.”
Judging by his difficulty getting financial backing, none of which have worked.
a company that generated $4.1 million in revenue while losing $58 million last year, then issued millions of new shares and announced a gigantic project to START A STREAMING SERVICE FOR CANCELED TV SHOWS, managed by a guy who sued a cow (well, someone twittering as one) unsuccessfully, and largely owned by someone who would have had no biz wins were it not for his father’s constant infusion of funds…
But, yeah, President Biden is working with W.S. to tank something that is worthless. Are you f*cking kidding me? Just how f*cking stupid are these people? I know there is no way to answer given the bottom falls out of that container every g-damned day but sheee-it.
I’m guessing those small investors don’t know that when the company files for bankruptcy the stock goes poof and disappears into a black hole.
A black hole yclept Marmalado