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submitted 2 years ago by girlfreddy@lemmy.ca to c/news@lemmy.world

Trump Media & Technology Group, the owner of struggling social media platform Truth Social, is began its long-delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.”

The stock surged about 56% at the open, to $78, and trading was briefly halted for volatility. Trump Media shares have since stabilized at around $70, marking a 40% increase from Monday’s close.

Wall Street is assigning Trump Media an eye-popping valuation of around $13 billion — a price tag that experts warn is untethered to reality.

The skyrocketing share price comes despite the fact that Trump Media is burning through cash; piling up losses; and its main product, Truth Social, is losing users.

“This is a very unusual situation. The stock is pretty much divorced from fundamentals,” said Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, who has been studying initial public offerings (IPOs) for over 40 years.

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[-] ikidd@lemmy.world 50 points 2 years ago

Follow the money. I guarantee this is Russian financing being done at a remove.

[-] aseriesoftubes@lemmy.world 32 points 2 years ago

Don’t forget about the Saudis.

[-] Aolley@lemmy.world 27 points 2 years ago

The CCP is also very interested in all this

[-] finickydesert@lemmy.ml 10 points 2 years ago
[-] davepleasebehave@lemmy.world 6 points 2 years ago

not sure they are quite so well organised

[-] girlfreddy@lemmy.ca 6 points 2 years ago

I dunno. Epstein et al. seemed fairly well organized.

[-] davepleasebehave@lemmy.world 2 points 2 years ago

organised enough to run a pump and dump on stock?

[-] MonkeMischief@lemmy.today 3 points 2 years ago

I wish this were the case.

It's crazy scary how coordinated that community gets to get their fix, which is why one takedown often leads to more.

[-] anarchy79@lemmy.world 3 points 2 years ago

It's crazy how far any community goes to get "its" fix.

Neurologically speaking, our brains' reward-punishment module is too damn directly exploitable.

[-] anarchy79@lemmy.world 3 points 2 years ago* (last edited 2 years ago)

I have some bad news for your peace of mind...

[-] anarchy79@lemmy.world 1 points 2 years ago

Very weird take.

[-] UnderpantsWeevil@lemmy.world 1 points 2 years ago

It's standard Beijing policy not to intercede when Americans are shooting themselves in the feet

[-] anarchy79@lemmy.world 0 points 2 years ago* (last edited 2 years ago)

The Saudis, the Israelis, and the Chinesis all have old "trade" agreements with the US.

One other country has joined the club, only they snuck in the back door to burn the whole thing down.

None of the others' intent is to overthrow US democracy, because they depend on it for not living like Tuskan Raiders in a post-apocalyptic wasteland.

[-] anarchy79@lemmy.world 3 points 2 years ago

I am shocked hearing people say that out loud even. Isn't that extremely, painfully, provably obvious to everyone? No. It is not. It is a matter of "both sides" debate, apparently.

"Hi, I sell snake oil. It cures cancer!"
"Oooh, I LOVE not having cancer! I'll buy 1. No, wait, 1000!"

[-] UnderpantsWeevil@lemmy.world 1 points 2 years ago

guarantee this is Russian financing

Fair more likely it's Saudi or Israeli money, given how Russians have been cut off from the SWIFT banking system through sanctions.

[-] aidan@lemmy.world -2 points 2 years ago

Russian financing how? They can't access banks, I doubt they're wasting precious foreign currency on this.

[-] rob_t_firefly@lemmy.world 20 points 2 years ago* (last edited 2 years ago)

Just because they're not allowed to access banks doesn't mean they can't.

Lots of people, organizations, and even governments do all sorts of crimes even though they're really not supposed to. Conceptually speaking, money laundering is a fairly simple crime to do and, like so many crimes, it becomes easier to get away with the more powerful you are.

[-] HeyThisIsntTheYMCA@lemmy.world 3 points 2 years ago

If you're creative and determined you can reframe a lot of basic interactions as crimes.

[-] anarchy79@lemmy.world 2 points 2 years ago

And if you're gullible it's easy to reframe them as part of the "nothing is happening in the world and geopolitics are not a thing" conspiracy theory.

[-] HeyThisIsntTheYMCA@lemmy.world 3 points 2 years ago

Ah shit I forgot what thread I was on and was just "the cops will lock you up for pissing sideways" rambling.

[-] anarchy79@lemmy.world 0 points 2 years ago* (last edited 2 years ago)

Yeah, us communists are all the same, just repetitive propagandistic slogans and dumb soundbites led by an uncharismatic moron telling us what to do.

Go build a wall, or bridge or whatever.

Edit: Wait, wait, you weren't being sarcastic? If so my bad.

[-] aidan@lemmy.world -2 points 2 years ago

Every dollar you launder still has a risk of being caught, like I said, they have more pressing things to spend foreign currency on.

[-] Kaefor@lemmy.ca 7 points 2 years ago

More pressing than possibly owning the next American president? No, they don't.

[-] aidan@lemmy.world 1 points 2 years ago

His bond was reduced, he doesn't need the money that desperately that they'd own him

[-] Kaefor@lemmy.ca 3 points 2 years ago

Since there isn't enough info out there for either of us to be wholly right, I will have to agree to disagree.

Cheers mate.

[-] aidan@lemmy.world 2 points 2 years ago

True fair enough

[-] guacupado@lemmy.world 3 points 2 years ago

What? Their money has literally impeded us continuing to give aid to Ukraine. Their investments are paying insane dividends.

[-] aidan@lemmy.world 1 points 2 years ago

Their money has literally impeded us continuing to give aid to Ukraine.

Is there solid evidence of that?

[-] Omgpwnies@lemmy.world 13 points 2 years ago

They can still trade in rubles with other countries that are willing to trade with them. It's not inconceivable that they can 'launder' a trade via, say India:

  1. Russia buys a few billion-ruble toothbrushes from India

  2. India invests the equivalent in USD with $DJT (minus a cut)

  3. India uses those rubles to trade at market value for goods with other countries that also trade in rubles

Replace India and Saudi Arabia with any 2 countries on this list: https://www.tbsnews.net/economy/bangladesh-among-over-30-countries-approved-trade-rouble-russian-embassy-705798

[-] aidan@lemmy.world 1 points 2 years ago

Cluing in many people into conspiracies like that would require makes them much harder to keep secret

[-] anarchy79@lemmy.world 3 points 2 years ago

I doubt they’re wasting precious foreign currency on this.

Their EXISTENCE hinges on winning the US election right now.

It's literally ALL they are "wasting precious currency" on.

[-] aidan@lemmy.world 1 points 2 years ago

Their EXISTENCE hinges on winning the US election right now.

What does this mean?

this post was submitted on 26 Mar 2024
602 points (98.2% liked)

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