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this post was submitted on 22 Apr 2024
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I think this example illustrates very well how detached from reality the stock market is: Truth Social is not an important social media platform and will probably never make a profit. Nevertheless, one can make an absurd amount of money with such a bogus company - but unfortunately only if one has the right friends and belongs to their circles.
In this sense, one almost has to be grateful to Trump because he makes the functional logic of this rotten system so obvious.
It's market manipulation for money laundering purposes, nothing more.
It's the high street version of putting an empty box for sale on eBay for 10000€.
This is it so much. It's not even remotely about how the stock market is detached from reality.. IT Always WAS!
To put in perspective how detached from reality Trump Media's stock price is, the Truth Social platform's total revenue is about the same as a single McDonald's location.
Despite this, the company has a market cap of almost 5 billion. That is completely insane.
Sorry to say, but this one goes well beyond the current fuckery of the existing Stock Market.
This is the biggest money laundering scheme ever run in public view. The only thing propping up any price for Truth SOcial are those with a vested interest in paying off The Donald and putting the GOP in power; Saudia Arabia and Russia - with just a splash of China. Follow the money.
Possibly. Or a really creative way of bypassing campaign finance laws.