When I saw the news that the stock price of Truth Social went into freefall after the company initally went public for $8 billion, I immediately sent a joke to a friend text circle: “Whoever allowed the contract to keep Trump from dumping the stock until 6 months post-sale is gonna be covered in ketchup.” Shortly after it was released, the company’s stock soared to $70 a share, initially meaning Trump, on paper at least, had netted $3 billion in wealth. But Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, told CNN he was “confident the stock price will eventually drop to $2 a share and could even go below that,” because Truth Social’s business model is not conducive to profit.
“The large mismatch between stock price and stock value will sorely tempt the cash-poor Trump to sell off a significant portion of his shares, in a potential maneuver that I believe I am the first to label ‘Trump and dump,'” Timothy Noah of the New Republic joked. “Pump and dump is an unethical practice where influential figures talk up a stock they own a lot of shares in, artificially inflating the value, and then sell it off for a major profit before the rubes realize they bought a lemon. Because Trump is contractually obliged not to sell his shares yet, he’s watching the value slide downhill before he can cash in, while other hustlers openly brag to Reuters they used the blind loyalty of Trump fans to pull off the pump-and-dump.
One investor bragged he bought at $35 when the stock first released, waited “for Trump’s fan base to hear about it,” which doubled its value, and then dumped it. Because of these shenanigans, Trump’s already lost a billion of his initial $3 billion valuation.
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We do not know yet how many ketchup bottles lost their lives due to Trump’s anger over this, but he’s found a public way to lash out at his underlings: He’s suing them.
In a lawsuit filed right before public SEC filings showed Truth Social lost $58 million last year, Trump tried to push the blame onto his co-founders, two former “Apprentice” contestants named Wes Moss and Andy Litinsky. It is true the two only managed to get, as Noah calculated, fewer than 2% of MAGA Republicans to create accounts. But still, they managed to make Trump $2 billion richer (on paper), while also giving him an outlet to whine incoherently for hours a day. That is, of course, how it goes: Bend over backward to help Trump out, and he will thank you by coating you in rage-ketchup.
Trump regularly offers paeans to the Jan. 6 insurrectionists, holding a ceremony to honor those who are facing legal consequences for their criminal efforts to help him overthrow the government. Sometimes he even promises pardons. All this is done for a nakedly obvious purpose: To convince followers to risk their own skins in the future on Trump’s behalf. But it’s telling that Trump never offers any material support to the over 1,300 people who have been charged with crimes. Despite his claims to be a “billionaire,” he hasn’t paid their legal bills or helped their families after they lost their jobs. He loves to get publicly maudlin about Ashli Babbitt, the insurrectionist shot by Capitol police, but he didn’t offer to say, cut back a little on his golf club budget to pay for Babbitt’s funeral.
Wednesday, yet another Jan. 6 defendant was convicted. Taylor James Johnatakis got 7 years in federal prison for carrying a megaphone and barking orders at rioters as they attacked police. “In any angry mob, there are leaders and there are followers. Mr. Johnatakis was a leader,” the judge said, correctly. But it’s also true that Johnatakis was following the lead of Trump. Maybe he’ll be included in Trump’s future public singalongs about the so-called J6 hostages. But he certainly didn’t…
This article was originally published by a finance.yahoo.com . Read the Original article here. .