Two related Truth Social stories breaking concurrently, both of them utterly ridiculous, so look sharp now: we don’t want to get confused. You are guaranteed a belly laugh from both of them this lovely April day, as the clocks are striking 13 in Trump world and all is being lost at a rate faster than Lara can loot the RNC coffers. First of all, this post, where the Mango Messiah tells us how representative Truth Social is of MAGA — as it continues to plunge downward into oblivion on the stock market.
I also believe Truth Social represents the Make America Great Again movement. We are of one mind here, Donald. Truth Social and MAGA were both rapidly cobbled together, improbable, and doomed to failure from the very beginning and both for the same reason: there is no solid basis for either one of them, other than to make you rich, like Trump University, Trump Airlines, Trump Vodka, and the entire Trump black hole of failed ventures, sucking in money that is now gone forever.
Now onto the next story and this is more hilarious, still. The stock market has now been added to the list of institutions that are unfair and unkind to Trump. Oh yes. A Substack blogger and Trump fluffer, Paul Ingrassia, wrote a piece on March 26 about how wonderful and undervalued Truth Social is. That was when the stock debuted on Nasdaq and the following day it soared with its sugar high and since then it’s been losing money and headed for a diabetic coma. But on the day this piece was written, Truth Social was in the cat bird seat, the social media outlet that was destined to be the ne plus ultra of all social media outlets. [Here’s a link to Raw Story but I refuse to link to Ingrassia’s Substack and give him the traffic — mainly because of his asinine views on DEI and airline personnel.]
“No matter how otherwise communistic our institutions may become, fortune, nature, (and God) invariably favors bold, original thinkers – especially in our age that suffers a pandemic of unoriginality and laziness,” he writes.
I don’t know what’s so original about a Twitter rip off, but that was the sanest comment made, then it got truly strange.
“The Trump brand should be worth tens of billions of dollars more than what it is currently being traded at on the Nasdaq, given its uniqueness as combining the best of politics and business,” writes Paul Ingrassia.
“In the same vein in which DaVinci’s paintings and Michelangelo’s sculptures would be valued in the billions if ever sold on the open market today, Donald Trump’s creative visions equate to exceptional valuations — because of the rarity of his skillset and gifts.”
His skillset and his gifts are rare. His skillset is an understanding of television and con artistry and his “gifts” are a substandard intellect alongside a Jupiterian-sized ego.
Ingrassia’s online profile shows he is a communications director for a nonprofit that positions itself as “the answer to the useless and radically leftist American Civil Liberties Union,” a New York Young Republican Club member, and a recent graduate of Cornell Law School.
The common thread of his substack does not appear to be financial analysis, but commentary on the multiple legal woes facing Trump.
Titles published by Ingrassia include, “MAGA Beauty Isabella DeLuca’s Arrest Is Proof Positive That Biden’s Weaponized Justice System Has Become Outright Despotic Against Political Dissidents.”
You get the idea. The sheer comedy of this is two fold: 1. Trump totally believes that his “brand” is everything and worth millions, when in fact everything with his name attached to it dies. The newest casualty on life support is the Republican party and its demise will certainly be noteworthy and 2. Trump sees fit to post this on the day that Nasdaq reports that over half the stock’s initial value is gone — and it’s been 2.5 weeks since the stock debuted.
The price of Trump Media shares fell below $30 in early trading Friday morning, more than $40 lower than what its shares first sold for when the social media company began public trading on March 26.
DJT shares fell by more than 8% within the first hour of trading Friday.
The latest price fall for the ticker continued a slide that included a 5.4% drop on Thursday, and a more than 8.5% decline on Wednesday.
Shares of Trump Media, which owns the Truth Social app, have dropped by more than 47% month-to-date, wiping out billions of dollars in the company’s market capitalization.
Former President Donald Trump is the biggest shareholder in the company, owning nearly 60% of its stock. Trump on Monday is set to start jury selection for his criminal trial in Manhattan Supreme Court on charges of falsifying business records related to a 2016 hush money payment to porn star Stormy Daniels.
Trump Media on March 26 opened its first day of trading with a price of $70.90 per share, hitting a high of nearly $80 later that same day. During trading that day, the company’s market capitalization topped $9.5 billion.
By 1:07 p.m. ET Friday, Trump Media’s market cap was $4.28 billion, after shares pared some of the early price drop. The stock was selling for $31.26 per share, a decline of 3.56% at that point.
Truth Social is headed for the history books, too, as a capitalistic paper tiger that never was worth anything, and which cost a lot of investors their shirts. Some of these people are MAGAs who put in their life savings. This is going to totally blow in the not too distant future and when it does, the disillusionment and rage will be something to behold. Stand back and stand by, as Trump once said.
The trump brand lost almost all its value, as all brands do, after his numerous bankruptcies. What remained was destroyed by his very public humiliation of what will go down in history as being the worst, bar none, presidency ever. Sh*t, WHILE the idiot was still in office people got a very good look at what represented the trump brand and they removed the brand ASAP from their buildings, etc. When this xitter wannabe went public, it was obviously and grossly overvalued which rapidly came to light after the audit (and only idiots needed that audit to know this stock was trash). It is still grossly overvalued but the market ought to correct the value over the coming days/weeks. I say “ought to” because who knows how many magats living in trailer parks want to get a piece of this crap-that might give the stock a bit of a momentary surge. One I expect folks owning this garbage stock will quickly take advantage of thereby tanking it completely.
Donny dimwit is calling what exactly “communistic”? The stock market? wtf dingle berry the stock market is the flag ship of capitalism. Now, if your crappy stocks stayed their original price or increased in value then I’d say you had a point because obviously it would not be the hand of the open market doing the price raising but rather someone doing some price fixing.
I sure hope anyone who had such a brain fart that they actually purchased this worthless sh*t unloads it now so they’re not stuck with a stock worth exactly $0.00/share. Any claw-back is better than $0.00.
If Johnny Cash were still with us I could imagine him reworking a line from his 60s hit Ring of Fire from “I fell in, to a burning ring of fire” to: Truth Social fell, into a flushing fake gold toilet
Keep an eye on the pea as I move the cups around. STEP RIGHT UP AND PLACE YOUR BETS!!! As Bullwinkle used to say…nothing up my sleeve!
” fortune, nature, (and God) invariably favors bold, original thinkers – especially in our age that suffers a pandemic of unoriginality and laziness.”
No small wonder many people consider irony dead. When the most unoriginal, laziest man in the world comments on originality and laziness as if they don’t apply to him, it surely must be.
Don’t you just love Ursula’s articles, full of great content with some fun along the way? (I especially like referring to a Trump stooge as a “fluffer.”) Can I use that, Ursula?
This is a familiar story of Trump razzle-dazzling his I-can’t-afford-it MAGA idiots into another black whole, while Wall Street shysters are doing the ole pump-it and dump-it, putting enough money in to bring in the suckers and then shorting the worthless dog. These MAGAs don’t ever seem to recognize the grift.