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Trump Media stock erases all gains since it began trading as DJT shares fall again
(www.nbcnews.com)
this post was submitted on 10 Apr 2024
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Ah, I thought he was gonna use his shares to pay off his fines, but maybe he made money another way with the IPO?
People were publicly pointing out that the money made from that IPO was theoretical and unrealized gains that couldn't be sold off for 6 months per SEC rules specifically because it was assumed that he would probably try. If it's found that that's what happened, we need to pressure the SEC to make the punishment more than just the cost of doing business. I'm tired of seeing businesses and billionaires getting fined only a couple million for stealing a couple billion.
I just looked it up. He has a 6 months lock-in period. CNN article
Btw. this was not an IPO, but a reverse-merger using a SPAC. That way the company going public doesn't have to adhere to the SEC's strict IPO regulations.
Good catch, I misspoke.
Any wrongdoing is just gonna be another slap on the wrist, again. Turns out in America, billionaires hoard second chances, too; even the fake ones.