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Truth Social Hits All-Time Low as CEO Sells His Crashing Stock (futurism.com)
submitted 2 years ago by to c/news@lemmy.world
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Unfortunately, Trump will still likely come out much richer than he was before. It's still nice to see.

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[–] 228 points 2 years ago (2 children)

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

This entire business is essentially a money laundering scheme.

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  • [–] 107 points 2 years ago (4 children)

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

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  • [–] 87 points 2 years ago (2 children)

    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.

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  • [–] 19 points 2 years ago (1 child)

    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.

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  • [–] 6 points 2 years ago (1 child)

    …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.

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  • [–] 17 points 2 years ago* (2 children)

    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.

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  • [–] 13 points 2 years ago (2 children)

    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

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  • [–] 11 points 2 years ago (2 children)

    Well they’re taking way too fucking long.

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  • [–] 6 points 2 years ago (1 child)

    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.

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  • [–] 4 points 2 years 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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  • [–] 3 points 2 years ago

    it's insane the SEC hasn't already launched an investigation

    Do they publicly announce the start of investigations?

    Most law enforcement agencies don't do that, so the people being investigated don't start interfering with the investigation.

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  • [–] 6 points 2 years ago* (1 child)

    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.

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  • [–] 14 points 2 years 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.

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