United States | News & Politics @lemmy.ml ylai @lemmy.ml 7 mo. ago

Trump's Truth Social loses $4 billion in value in one week, while revealing wider loss

www.cbsnews.com Trump's Truth Social loses $4 billion in value in one week, while revealing wider loss

Trump's media company is now trading below its opening stock price. The company on Monday disclosed mounting losses.

60 comments

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
  
  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).
  
  Roughly 50 % would still vote him.
  
  Evidence?
  
  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.
- 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."
- Trump has people trying to get his base to buy the stock with the express purpose of pumping it up to give him more assets to work with to fund his legal battles.
  
  I wouldn't be surprised if the SEC is currently investigating it because they haven't been trying to hide it at all.
- Sounds like the work of Blackrock or gs
  
  Blackrock may have deep pockets but they're not that idiotic.
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.
- Not for six months
  
  Unless their board approves an earlier date.
How is a mastodon instance assigned a value?
- I believe they did an IPO
  
  My reaction when my instance admin "does an IPO" and basically sells my contributions and my data to the highest bidder
  
  Not quite. They merged with a spac, which is an empty financial vehicle traded on a stock exchange that has the specific purpose of merging with a legitimate company later, allowing that legitimate company to go public much faster (3-6 months vs 12-18 months).
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!
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.
headlines like this are always so silly. it's a shitty meme stock that went up for a single day and has been down ever since. it "gained" 4 billion for like a single day.
- I think they're good because it really highlights that "the rules are made up and the points don't matter" is actually a better description of our economy than anything an econ student could come up with.
What is the antonym of ‘go woke go broke’ pls?
- Go fash lose cash
  
  Turn altright feel the plight
- Go fash lose your ass?
- MAGA brain, Capitalist pain. Or just Capital pain
What a great businessman! Much smart! So WOW! Big brain.
- MAGA brain, Capitalist pain
Do people actually use that?

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