If the SPAC is approved this week, he could potentially use the stock as collateral to get a bond and avoid having properties seized or declaring bankruptcy by next week’s deadline.
And I knew it. I knew something like this was coming. There’s just no way they’d let him fall apart he’s way way too useful.
By “they” I mean the various groups using him to their benefit, including the RNC, a slew of right-wing orgs, businesses, oligarchs, etc. As well as his culty base.
If Truth Social is under-performing and the stock is being inflated as a bet on the coming election, isn’t this just the latest version of “the value is so much higher than people think” that got Trump in trouble in NY in the first place? I wonder if any financial companies are willing to bet on Truth Social to the tune of hundreds of millions of dollars (in the next few days no less), especially given that the article states Trump may just dump the stocks for what he can get ASAP in Sept/Oct.
It’s going to be interesting if, come election time in November, many MAGA supporters end up holding Truth Social stocks that are worth small fractions of what they are buying them for now.
IPOs are fucking complicated but as long as the financial records are accurate and it’s just idiots overvaluing his brand then it isn’t fraud on his part but idiocy on others. Most big tech IPOs initially deflate - some do so dramatically… it’s probably something we should change as a society but that’s honestly just par for the stock market bullshit course.
I’m worried. It sounds like there is potential here for a lot of MAGA followers to end up losing a lot of money. Yes, they bear responsibility for being so blindly supportive, but if they make themselves destitute it won’t be just their problem. Poor people suffer, their innocent kids suffer, poverty drives crime, violence and extremism… And let’s face it, the states where this would hit hardest aren’t exactly known for their strong social safety nets.
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