Here's some more quasi-election related news to while away the hours until polls close. Stock in Donald Trump's scam company behaved very weirdly today:
The stock had been trading fairly normally all day and then suddenly plunged nearly six points in the 13 minutes from 2:41 to 2:54 before trading was briefly halted. As I type this, it's trading about $7 below its high for the day.
What happened? After the closing bell Trump Media issued a surprise earnings report, which showed a drop of 6% in sales and a Q3 loss of $19 million. This is par for the course, but it's still hard not to wonder if someone got advance notice and then started dumping shares. But no one knows.
In any case, this is nothing compared to what's likely to happen tomorrow. Depending on the election results, DJT will either skyrocket at the opening bell or plummet to nothing. If Trump wins, he'll be the first candidate in history to make billions of dollars in addition to having exclusive control over our nuclear forces.
It's a comic book plot.
MEOOOOOW...CHEATERS NEVER PROSPER. THAT GOES DOUBLE FOR THE CONVICTED WHORE MONGER......KITTIES KNOW.
Trump Media has been behaving strangely for a few weeks. Trading volumes are insane:
11/5: 156 million
11/4: 121 million
11/1: 76 million
10/31: 98 million
10/30: 119 million
10/29: 167 million
10/28: 110 million
7 days total: 847 million shares
This is a stock with a total of 200 million shares outstanding, of which about half are owned by Trump, who says he's not selling. This looks suspiciously like "window dressing".
I sincerely doubt anyone is buying or selling Trump Media shares on the basis of a quarterly earnings report.
DJT stock being valued as high as it is makes me distrust the stock market even more than I did before.
Thusfar today while the stock did open much higher, it dropped considerably and sits at a 9% gain.
The great thing is how open this makes him to foreign manipulation. Saudis need a favor? Buy a bunch of shares in this thinly traded stock and make Trump rich. Threaten to sell unless he does your bidding? Easy peasy...