Not "unfortunately", but rather "exactly as intended".
This entire business is essentially a money laundering scheme.
this post was submitted on 05 Sep 2024
594 points (98.7% liked)
News
23622 readers
2899 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
Yeah, it's insane the SEC hasn't already launched an investigation into such an obvious pump and dump scheme.
Musk got away with tons of pump and dumps, SEC seems toothless unless the poor people start investing in things that threaten hedge funds profits.
Nothing shows a healthy system more than blatant, rampant regulatory capture.
That's by design. People with money made sure they wouldn't be touched
I'm morbidly interested to see what happens.
Everyone knows that firstly it's grossly overvalued, secondly trump wants to sell, and thirdly whether or not Trump wins in November the shares will be worthless.
…and thirdly whether or not Trump wins in November the shares will be worthless.
Either it’s a soon a social network based on a former candidate or it’s one that I imagine a president has to distance himself from.
Either way I can see why people don’t want to invest, even the evil greedy unethical ones.
it’s one that I imagine a president has to distance himself from.
There is no chance that this happens. He will gladly keep posting insane screeds as president with zero negative effects to his support.
load more comments
(2 replies)
Correct me if I'm wrong, but I believe they're already under investigation for breaking the law when the original SPAC openly said they were going to merge with Truth Social when the law says SPACs have to remain agnostic about what companies they may merge with until they do so
Well they’re taking way too fucking long.
They've got to wait long enough for Trump to finish dumping all his stock. Sure he may face a court case about it down the line, but that's nothing new, he'll have already laundered the money by that point and stashed it away somewhere.
Gotta check if he's got a banana stand out there
It's one banana, how much it could cost? $10?
they’re taking way too fucking long
Properly investigating most crimes, especially financial crimes, takes a lot of time and a lot of resources to get right.
Especially when there are a lot of people involved who are actively trying to hide some of their shady shit.
You want the results of the investigation to be able to withstand the court process and all the challenges the defendant will throw at it.
You don't get a second chance with things like this, you've got to get it right the first time.
load more comments
(1 replies)
load more comments
(1 replies)
TBH that's one thing I don't blame him for. The real losers and suckers are his base willing to give him money, and he thinks as much of them for certain.
That's not what I mean.
This company is a scheme to finance Trump's campaign from foreign sources. The foreign investors are "suckers", in the sense that they lost money on their investment, but they still achieved their goal: funneling money to Trump.
All the retail investors and MAGA heads are just collateral damage.
everything king mierdas touches turns to caca. if you're still getting fleeced by this wannabe con man, then i have less than zero sympathy
king mierdas
I've heard a lot of nicknames for that man, but that one fits so perfectly, even going all the way back to his casino empire days.
load more comments
(1 replies)
I wanted to read who the stockholders of this garbage actually are. It's a great rabbit hole. This one is pure gold https://en.m.wikipedia.org/wiki/Digital_World_Acquisition_Corp.
It's just shady shit at every level. The people who bought the SPAC didn't even know the money would go towards Trump and pulled out more than half of the capital.
Then they propped that garbage stock up Musk-style and sold it to their fan base.
The dude who ran the SPAC als has amazing stories tied to his name https://eu.heraldtribune.com/story/opinion/columns/2022/11/16/patrick-orlando-truth-social-you-light-up-my-life-connection/10698187002/
He was already working on mergers in China, but couldn't close the deal because he didn't have the money. All sounds like typical escalating scams.
It's clear why Trump would run a con with this guy.
Another successful business from the genius that knows everything about businesses, military, nuclear and how to raise a family.
If he learns about wind, he could start a university.
Another failed Trump support product lol
Maybe he can use Truth Social to sell some steaks before it shuts down.
load more comments
(1 replies)
load more comments
(1 replies)
Dumping the stock as soon as possible was always the plan, this is just money laundering through an acquisition company.
My guess, the stock price was propped up by dodgy foreign donors. And he's looking less and less like a worthwhile investment.
Less and less? They had revenue of 3 million with loss of like 30 million. With a 3 billion dollar market cap it makes no sense.
Oh, they weren't investing for a direct monetary return, I'm sure. Anyone with eyes could see Truth Social is a dumpster fire.
No, they were looking for political returns, and those are looking more and more risky.
load more comments
(1 replies)
load more comments
(2 replies)
“We are going to have a crash, and we’re going to have a crash like a 1929" I guess in some sense he was right.
load more comments
(1 replies)
What makes me happy is Margie TG bought shares in this dumpster fire. How's your investment, you dipshit asshole shithead? Aww, Margie, don't cry…
She also bought Crowdstrike stock just about a month before the global outage: https://www.thedailybeast.com/marjorie-taylor-greenes-latest-stock-splurge-may-be-conflict-of-interest
Couldn’t have happened to a nicer person.. ~/s~
This comment just made me feel really nice. Thanks for that wonderful news.
Haha no problem
quick, someone send them some bailout trump bucks
I'm buying as much TrumpCoin™ as my bank will allow me to transfer right now
This was never more than a ploy to launder foreign money, it does feel pretty brazen for the CEO and COO to cash out before Trump.
It seems to me, all the bag holders should have grounds to sue them, I'm sure atleast a few of them will.
load more comments
(3 replies)
Trump can sell his 115 million shares on September 25th, everyone trying to get out before that happens.
Absolutely wild campaign finance workaround though. If he sells it all he's still on track to get $1 billion or so. That's his personal wealth, which can be contributed without limit to his campaign.
It's insane to me that he could even cash out, who out there even thinks the stock is worth anything, especially when trump starts selling . With my lack of knowledge about the stock market it makes no sense there would be anything on the buying side.
load more comments
(1 replies)
load more comments
(2 replies)
The big question: will Trump himself pull the rug as soon as he's legally allowed to?
There's a rule that any question in a headline can be answered "No." This is the rare exception when the answer is "No shit, of course he will."
The look on Trump's face in that thumbnail clearly shows that he's going to need a diaper changed shortly. Glad I'm not one of his handlers..
I'm still kicking myself for not buying this stock when it first came out. It would have been one of the easiest stocks to time properly. Now it's useless.
load more comments
(2 replies)
Oh no! Not Tooth Sential!
Predictable if you're not in a weird cult
That thing still exists lmao
i wonder what this will mean for the upcoming Truth streaming service
"What upcoming streaming service? We never said anything about a streaming service."
load more comments
(1 replies)
view more: next ›