this post was submitted on 26 Mar 2024
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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 50 points 7 months ago (4 children)

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

[–] aseriesoftubes 32 points 7 months ago (2 children)

Don’t forget about the Saudis.

[–] Aolley 27 points 7 months ago (2 children)

The CCP is also very interested in all this

[–] [email protected] 10 points 7 months ago (2 children)
[–] davepleasebehave 6 points 7 months ago (3 children)

not sure they are quite so well organised

[–] [email protected] 6 points 7 months ago (1 children)

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

[–] davepleasebehave 2 points 7 months ago

organised enough to run a pump and dump on stock?

[–] [email protected] 3 points 7 months ago (1 children)

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 3 points 7 months 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 3 points 7 months ago* (last edited 7 months ago)

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

[–] anarchy79 1 points 7 months ago

Very weird take.

[–] UnderpantsWeevil 1 points 7 months ago

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

[–] anarchy79 0 points 7 months ago* (last edited 7 months 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 3 points 7 months 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 1 points 7 months 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 -2 points 7 months ago (3 children)

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

[–] rob_t_firefly 20 points 7 months ago* (last edited 7 months ago) (2 children)

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 3 points 7 months ago (1 children)

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

[–] anarchy79 2 points 7 months ago (1 children)

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 3 points 7 months ago (1 children)

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

[–] anarchy79 0 points 7 months ago* (last edited 7 months 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 -2 points 7 months ago (2 children)

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

[–] [email protected] 7 points 7 months ago (1 children)

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

[–] aidan 1 points 7 months ago (1 children)

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

[–] [email protected] 3 points 7 months ago (1 children)

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 2 points 7 months ago

True fair enough

[–] guacupado 3 points 7 months ago (1 children)

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

[–] aidan 1 points 7 months ago (2 children)

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

Is there solid evidence of that?

[–] Omgpwnies 13 points 7 months ago (1 children)

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 1 points 7 months ago

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

[–] anarchy79 3 points 7 months ago (1 children)

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 1 points 7 months ago

Their EXISTENCE hinges on winning the US election right now.

What does this mean?