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submitted 2 months ago by FlyingSquid@lemmy.world to c/news@lemmy.world

Unfortunately, Trump will still likely come out much richer than he was before. It's still nice to see.

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[-] leisesprecher@feddit.org 228 points 2 months ago

Not "unfortunately", but rather "exactly as intended".

This entire business is essentially a money laundering scheme.

[-] bassomitron@lemmy.world 107 points 2 months ago

Yeah, it's insane the SEC hasn't already launched an investigation into such an obvious pump and dump scheme.

[-] nondescripthandle@lemmy.dbzer0.com 87 points 2 months ago

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.

[-] Gork@lemm.ee 43 points 2 months ago

Nothing shows a healthy system more than blatant, rampant regulatory capture.

[-] argarath@lemmy.world 5 points 2 months ago

That's by design. People with money made sure they wouldn't be touched

[-] fine_sandy_bottom@lemmy.federate.cc 19 points 2 months ago

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.

[-] Hobbes_Dent@lemmy.world 6 points 2 months ago

…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.

[-] mosiacmango@lemm.ee 17 points 2 months ago* (last edited 2 months ago)

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.

[-] ProfessorProteus@lemmy.world 3 points 2 months ago

Thanks for expanding my vocab! "Screed" is a great word for his insane ramblings.

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[-] protist@mander.xyz 13 points 2 months ago

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

[-] HootinNHollerin@lemmy.world 11 points 2 months ago

Well they’re taking way too fucking long.

[-] orclev@lemmy.world 6 points 2 months ago

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.

[-] swab148@lemm.ee 12 points 2 months ago* (last edited 2 months ago)

Gotta check if he's got a banana stand out there

[-] bassomitron@lemmy.world 4 points 2 months ago

It's one banana, how much it could cost? $10?

[-] kent_eh@lemmy.ca 4 points 2 months ago* (last edited 2 months ago)

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.

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[-] BeatTakeshi@lemmy.world 6 points 2 months ago* (last edited 2 months ago)

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.

[-] leisesprecher@feddit.org 14 points 2 months ago

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.

[-] solsangraal@lemmy.zip 75 points 2 months ago

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

[-] tunetardis@lemmy.ca 11 points 2 months ago

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.

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[-] gencha@lemm.ee 43 points 2 months ago* (last edited 2 months ago)

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/

https://www.reuters.com/business/trump-deal-delivers-420-mln-windfall-wondering-dealmaker-2021-10-21/

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.

[-] whyalone@lemm.ee 39 points 2 months ago

Another successful business from the genius that knows everything about businesses, military, nuclear and how to raise a family.

[-] MentallyExhausted@reddthat.com 9 points 2 months ago

If he learns about wind, he could start a university.

[-] InternetUser2012@lemmy.today 7 points 2 months ago

He's very stable too!! Just ask him.

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[-] stevedidwhat_infosec@infosec.pub 33 points 2 months ago

Another failed Trump support product lol

[-] FlyingSquid@lemmy.world 12 points 2 months ago

Maybe he can use Truth Social to sell some steaks before it shuts down.

[-] d00phy@lemmy.world 5 points 2 months ago

NEW NFTZ BOUT TA DROP BAYBEEEZZZ!

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[-] sploosh@lemmy.world 31 points 2 months ago

Dumping the stock as soon as possible was always the plan, this is just money laundering through an acquisition company.

[-] Regrettable_incident@lemmy.world 25 points 2 months ago

My guess, the stock price was propped up by dodgy foreign donors. And he's looking less and less like a worthwhile investment.

[-] Yewb@lemmy.world 16 points 2 months ago

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.

[-] ImADifferentBird@lemmy.blahaj.zone 19 points 2 months ago

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.

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[-] Substance_P@lemmy.world 21 points 2 months ago

“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.

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[-] some_guy@lemmy.sdf.org 20 points 2 months ago

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…

[-] elliot_crane@lemmy.world 23 points 2 months ago

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~

[-] some_guy@lemmy.sdf.org 6 points 2 months ago

This comment just made me feel really nice. Thanks for that wonderful news.

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[-] solsangraal@lemmy.zip 19 points 2 months ago

quick, someone send them some bailout trump bucks

[-] frunch@lemmy.world 7 points 2 months ago

I'm buying as much TrumpCoin™ as my bank will allow me to transfer right now

[-] SlippiHUD@lemmy.world 18 points 2 months ago

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.

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[-] OldWoodFrame@lemm.ee 15 points 2 months ago

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.

[-] maniajack@lemmy.world 6 points 2 months ago

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.

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[-] jballs@sh.itjust.works 13 points 2 months ago

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."

[-] KillingTimeItself@lemmy.dbzer0.com 13 points 2 months ago

then: the pump now: the dump

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[-] Kraven_the_Hunter@lemmy.dbzer0.com 12 points 2 months ago

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..

[-] realcaseyrollins@thelemmy.club 7 points 2 months ago

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.

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[-] Burn_The_Right@lemmy.world 5 points 2 months ago

Oh no! Not Tooth Sential!

[-] MellowYellow13@lemmy.world 4 points 2 months ago

That thing still exists lmao

[-] bitjunkie@lemmy.world 4 points 2 months ago

Predictable if you're not in a weird cult

[-] affiliate@lemmy.world 3 points 2 months ago

i wonder what this will mean for the upcoming Truth streaming service

[-] FlyingSquid@lemmy.world 7 points 2 months ago

"What upcoming streaming service? We never said anything about a streaming service."

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this post was submitted on 05 Sep 2024
594 points (98.7% liked)

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