133
submitted 1 month ago by vegeta to c/news
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[-] FlyingSquid 127 points 1 month ago

Do you guys really want them to look into your stock being manipulated? Because I think there might be some investigation in the IPO being massively overvalued...

[-] dhork 77 points 1 month ago

It wasn't an IPO, though. DWAC (a company which was formed specifically to acquire other companies) acquired Truth Social at what everyone thinks is a massively overvalued price.

All this short selling isn't institutional investors duping retail investors, it's institutional investors realizing how thoroughly DWAC screwed its retail investors by engaging in this deal solely to transfer wealth to Donald Trump. The Financials simply don't make sense, and the institutions know it.

And the weird part is, even though there are a lot of lawsuits right now around Truth Social and DWAC, I don't think a single one is from an investor. Because those investors have been duped into believing that all the facts around the acquisition are lies, even though the financial filings paint the picture directly.

[-] [email protected] 6 points 1 month ago

What makes you think the investors didn't know exactly what they were buying?

[-] [email protected] 5 points 1 month ago

They bought it

[-] RedWeasel 68 points 1 month ago

If a $30 million business get valued at over a billion dollars, I'd short sell it too. Trump probably did too.

[-] [email protected] 11 points 1 month ago

Trump is supposedly banned from selling it for six months. Do I think he has a way around that, yes.

[-] Chainweasel 3 points 1 month ago

He'll just have someone do it for him.

[-] [email protected] 1 points 1 month ago

Literally can't happen.

[-] [email protected] -2 points 1 month ago

Well the obvious one is the only thing holding to that six month block is the board of the company.

I don't know if he can do antics like lending them to a shell company of his and have them do things with them.

[-] johannesvanderwhales 1 points 1 month ago

SEC rules for insiders are pretty strict. And he already made billions on the IPO. Even with the stock price crashing he's still making a bundle, so I doubt there's any reason for him to take a risk on illegal trading.

[-] [email protected] 4 points 1 month ago

Did he make billions? I know the media reported that his net worth had jumped billions from the increased valuation of the stock.

The more honest media also reported that he was unable to take advantage of that valuation because he couldnt sell any of the stock.

[-] johannesvanderwhales 2 points 1 month ago

It is true that he doesn't realize that gain until he sells. Which has to be disclosed ahead of time. Which could negatively impact the price.

[-] [email protected] 2 points 1 month ago

From what I understand; he can try to get a loan against the stock, but it is apparently unlikely any bank would make those loans given hes not allowed to sell the stock for another five months now.

[-] meco03211 3 points 1 month ago

It's not a law that says he can't trade his shares for six months. It was part of the deal going "public" (they loopholed out of having an IPO). That deal also can be changed by the board of directors. That board is just sycophants like Devin Nunes and one of his sons he doesn't hate.

[-] [email protected] 1 points 1 month ago

Yeah I said that earlier in this comment chain.

[-] [email protected] 2 points 1 month ago

Reason? How about stupidity as a reason?

[-] [email protected] 40 points 1 month ago

Lololol "our company sucks and the stock price is tanking, find something else to blame!"

[-] [email protected] 29 points 1 month ago* (last edited 1 month ago)

I guess the narrative here that Trump feeds to the retail stockholders is going to be that he was going to make everyone wealthy and that it was a great buy but that evil nasty short sellers ruined the party.

In all seriousness, it boggles me how everything that guy touches winds up with some level of trying to mislead people.

[-] [email protected] 22 points 1 month ago* (last edited 1 month ago)

Why does it boggle you? He's always been an unapologetic con man.

What's boggling is people keep believing his bullshit.

Also, boggle has now lost all meaning to me.

[-] stoly 4 points 1 month ago* (last edited 1 month ago)

I'm afraid that this is all he is as a person. He doesn't actually do or produce things, he pretends to do so and fleeces money from sycophants in the process.

[-] [email protected] 2 points 1 month ago

I hope that a year from now, he's not telling Trump supporters that George Soros or whoever stole their and his money by shorting and asking for campaign contributions for another presidential run so that he can fix the stock market for them.

[-] stoly 2 points 1 month ago

He won’t. Magats will though

[-] Nobody 28 points 1 month ago

The stock market is a casino where the whales are allowed to put extra aces in their hand when they make a large enough bet.

[-] [email protected] 8 points 1 month ago

And everyone else only gets to play the slot machines, with no insight into their odds.

[-] homesweethomeMrL 23 points 1 month ago

Trump Media CEO Devin Nunes

MoooooOOOOoooooooo!!

[-] dhork 8 points 1 month ago

Don't have a cow, man!

[-] [email protected] 10 points 1 month ago

GME gang if something is actually done about it

"Really?"

[-] Gradually_Adjusting 1 points 1 month ago

That would become my villain origin story for real

[-] thisorthatorwhatever 9 points 1 month ago

Makes the Stock Market look like a scam to every normal person. Hurts the idea of ever investing or trusting any institution that is involved in investing. So yes a massive investigation of everything about this is warranted. It should be done by Congress, and Federal investigators.

[-] yeahiknow3 2 points 1 month ago

Good. The stock market is a scam and we should get rid of it, mandating that all profit dividends be evenly distributed among the workers instead.

[-] grue 3 points 1 month ago

Frankly, we need to severely curtail limited-liability corporations to begin with. Not only are they sure as Hell not "people," incorporation was supposed to be a privilege granted in exchange for the company accomplishing some specific goal for the the public good!

this post was submitted on 19 Apr 2024
133 points (92.4% liked)

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