If the SPAC is approved this week, he could potentially use the stock as collateral to get a bond and avoid having properties seized or declaring bankruptcy by next week’s deadline.

    • ripcord@lemmy.world
      101·
      8 months ago

      And I knew it. I knew something like this was coming. There’s just no way they’d let him fall apart he’s way way too useful.

      By “they” I mean the various groups using him to their benefit, including the RNC, a slew of right-wing orgs, businesses, oligarchs, etc. As well as his culty base.

  • Funderpants @lemmy.ca
    202·
    8 months ago

    Man oh man, these meme stock traders are in for a world of hurt over that valuation. Throwing away their retirement and life savings for Trump.

    • baru@lemmy.world
      4·
      8 months ago

      Or it’s a form of money laundering. Meaning, the people buying are totally ok with it not being worth much at all. It’s just a way to buy Trump.

    • GrymEdm@lemmy.world
      73·
      8 months ago

      I’m worried. It sounds like there is potential here for a lot of MAGA followers to end up losing a lot of money. Yes, they bear responsibility for being so blindly supportive, but if they make themselves destitute it won’t be just their problem. Poor people suffer, their innocent kids suffer, poverty drives crime, violence and extremism… And let’s face it, the states where this would hit hardest aren’t exactly known for their strong social safety nets.

      • Funderpants @lemmy.ca
        6·
        8 months ago

        Yea, you’re right. The knock on effects aren’t pretty and a lot of spouses and kids will suffer. It’s unpleasant.

  • GrymEdm@lemmy.world
    12·
    8 months ago

    If Truth Social is under-performing and the stock is being inflated as a bet on the coming election, isn’t this just the latest version of “the value is so much higher than people think” that got Trump in trouble in NY in the first place? I wonder if any financial companies are willing to bet on Truth Social to the tune of hundreds of millions of dollars (in the next few days no less), especially given that the article states Trump may just dump the stocks for what he can get ASAP in Sept/Oct.

    It’s going to be interesting if, come election time in November, many MAGA supporters end up holding Truth Social stocks that are worth small fractions of what they are buying them for now.

    • xmunk@sh.itjust.works
      61·
      8 months ago

      IPOs are fucking complicated but as long as the financial records are accurate and it’s just idiots overvaluing his brand then it isn’t fraud on his part but idiocy on others. Most big tech IPOs initially deflate - some do so dramatically… it’s probably something we should change as a society but that’s honestly just par for the stock market bullshit course.

      • GrymEdm@lemmy.world
        3·
        8 months ago

        Fair enough. So not actually fraud so much as people making…let’s call it “questionable” decisions to maintain civility.

  • kowcop@aussie.zoneEnglish
    3·
    8 months ago

    Seems like he will just cash out and start biglytruth.social, and the other 5 people on the old platform will have it closed down