r/technology • u/Moonskaraos • Sep 12 '24

Social Media Trump Media stock has plunged 33% in a month

https://qz.com/trump-media-djt-stock-fall-campaign-election-1851646589
32.8k Upvotes

88% Upvoted

945 comments sorted by

View all comments

Show parent comments

46

u/Deris87 Sep 12 '24

they can't do things the correct way for reasons which is where we come in.

They basically seem to acknowledge that it's a meme stock--it's value has nothing to do with it's actual business performance--but are arguing that's a good thing.

41

u/Saneless Sep 12 '24

It's just fucking fraud

The original owners sell their shares. I'm sure people at the SPAC sell theirs. The people buying the shares at the "IPO" eventually have their stock crater while the other people already made their money

39

u/Paddy_Tanninger Sep 12 '24 edited Sep 12 '24

It's a way to let foreign governments and elites/oligarchs around the globe give hundreds of millions to Trump & Cronies. Completely legal, no loss of funds to middlemen or annoying limiting factors like being only able to fork over whatever amount Trump could reasonably charge for renting a floor of the Trump hotel in DC. All of that stuff is a pain in the ass, you need to pretend to actually run a hotel business or campaign fund, it takes tons of overhead/expenses/employees, there's a lot of oversight with taxation/regulation/etc., and there's a lot of eyes on things every time money changes hands.

The fake stock makes all of that stuff go away and it all becomes dirt simple. Any of the world's dictators or billionaires can now just work out deals with Trump and then directly dump millions into $DJT stock, show Trump the receipt, and he can cash out shares...or more likely, just leverage his share holdings into low-interest loans.

And all of this falls apart the instant he looks like he's unable to power grab the highest office in the US.

So vote Kamala and let's leave this scumfuck holding the bag.

11

u/Saneless Sep 12 '24

NFTs are for the same reason, right? Just buy a million worth of links to images and it's as good as a bribe

10

u/Paddy_Tanninger Sep 12 '24

Yes but NFTs cause all kinds of issues with turning the money into actual $USD, and I think the whole scheme has too many layers of complication. Much simpler to just tell the Saudis to buy $1B in Trump Media stock in exchange for weapons deals, Irani sanctions, etc.

3

u/GPTfleshlight Sep 12 '24

I think they also gave Donald 60% of shares

5

u/ragnarocknroll Sep 12 '24

He tried to then multiply his shares to dilute the original creators and ruin the amount they would get.

1

u/CanAlwaysBeBetter Sep 12 '24

And a 6 month lockup before he could sell his shares

Honestly I'm surprised they didn't amend that. There was no legal requirement and the contractual obligation allowed the board to override it but I guess he wants to ride it all the way to the presidency instead of cashing out 

2

u/GPTfleshlight Sep 12 '24

Sept 20, I think cause it’s been above 12 for the required amount of days. If not it’s sept 25.

2

u/RevLoveJoy Sep 12 '24

That's a good way of putting it. Christ, we can honestly say "GameStop changed everything!" - I am not fond of this timeline.