Former President Donald Trumpโs social media stock is plunging just ahead of the election, cutting deeply into his net worth.
After the closing bell on Tuesday, shares were priced at $51, valuing Trumpโs dominant stake in the company at about $5.9 billion. On Friday, the value of Trumpโs shares tumbled to $3.5 billion. That means Trump lost $2.4 billion in net worth
since Tuesday.
https://www.cnn.com/2024/11/01/investing/trump-stock-net-worth/index.html
Day traders too I knew it would tank.
I think musk or someone else promised to cover trump's losses on Truth Social so trump wouldn't sell out all of his stock at the end of September... because it would have been a bad hit to his "character" to have crashed it leaving all his dedicated "investors" with nothing.
trump would have done it in a heartbeat.
That would constitute a massive, and massively illegal, "campaign contribution", especially since there's objectively no rational reason to invest in Truth Social.
Their own annual report says, "We're losing boatloads of money, and odds are good that will never change."
The point of "meme stock" is "rug pull". Leave the rubes holding the bag.
A "meme stock" is just a pump-and-dump, but the "pump" is "Hey, let's run this stock up for the LULZ and to screw some short-sellers".
If you were an early promoter of GameStop as a meme stock, you could have bought in for under $5 a share on New Year's Eve 2021 and sold out a month later for over $80 a share.
@disk4mat #trump
trump's media stock seems to be completely MANIPULATED by billionaires who keep putting money in it to make trump look good - nothing to do with Truth Social. At the end of Sept it was down to $12 something per share.
wtf is the point of "meme stock"?