Tomous wrote:Truth Social has gone public and skyrocketed in price.
This is going to be a huge problem. Best case is Trump is operating a pump and dump scheme. Worst case and more likely, this is going to be a way for foreign entities to funnel cash to him while bypassing the correct channels.
It's not a Pump & Dump scheme, it's just an out of control memestock:
TMTG has never turned a profit. The company, which operates the social media platform Truth Social and plans to launch a streaming service in the next year lost $49mn in the first nine months of last year and took in $3.4mn in revenue.
The valuation is pricey for a company that has racked up tens of millions of dollars in losses since launching in 2021. Social media firm Reddit is valued at about $8 billion following its recent initial public offering. It had more than $800 million in sales last year. Trump Media's Truth Social platform generated $3.3 million in revenue during the first nine months of 2023.
Completely illogical that it should be valued at 5 billion.
Trump can't cash out until 6 months have passed so he needs it to hold at the current market valuation.