What's going on with Truth Social stock? It was steadily declining and then abruptly turned around on September 24. What happened on September 24 to suddenly rekindle the hopes of the faithful?
23 thoughts on “Truth Social stock is suddenly on fire”
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I'd be interested to know if it's being driven by small amounts purchased by large numbers of buyers, or if a handful of large buyers has driven the traffic. It's a good way to bribe Trump, and some folks did something similar on the electoral prediction markets recently - 3-4 "whales" made huge pro-Trump bets and skewed it towards him despite no change in the polls.
Yeah. If you ask yourself whether Trump supporters would lie, and would spend money on lies to support Trump's chances, what do you answer?
"Flood the zone with shit"
It was getting dangerously close to being under $12.00, if I remember correctly wasn't it the threshold in which he couldn't sell his stock? It's being propped up by someone or some group till the day after the election. If I were a betting man, I'd say come win or lose, the day after the election will be the day he sells. Or soon thereafter.
Probably just an artifact of someone wagering on his winning the election, effecting the price surprisingly only because it is so worthless.
It's a proxy for people who are betting that Trump is going to win the election.
Slightly OT: The Federalist commissioned a poll from Susquehanna, published Oct. 13, 2022 -- almost exactly 2 years ago. What to make of the results?
48% Biden
44% Trump
54% Harris
39% Trump
Probably the RNC began purchasing shares to drive the price up before Trump unloads his shares.
He can't hold them past the election, they'll tank in value, so he's got to sell enough to make profit.
Probably not the RNC, but moneyed interests who support Trump.
Yes, I guess the RNC is just paying Trump's legal Bills and the PACs are purchasing the stock.
But here's the kick: there are no breaks in the system to prevent this.
Fanduel.com.
Seems like a surprisingly easy way to launder money/foreign contributions to Trump, no?
Musk buying ST? Money laundering is a good bet also. Why not both???
Fake $100,000 watches, Truth Social stock, Chinese-made Bibles, NFTs, Crypto -- he's got quite a racket going.
It's not just the price but the volume. Up until this week a typical day would see 8-10 million shares traded. This week saw 190 million shares traded in 5 days. The short interest has been dropping, so some of this may be short traders cashing in their winnings. There have been no insider trades reported in the last couple of weeks, but there's typically a lag between when the trades happen and when the SEC notice becomes public. United Atlantic Ventures has been unloading stock (~11 million shares), but that was in September. So lots of sellers, but there also have to be buyers. It's a meme stock, so the usual rules don't apply.
While many have suggested that this is a way to funnel money to Trump, I'm skeptical of how this could work. Even at these volumes, he'd have a hard time selling very much without cratering the price, so it's just paper assets.
Which he could borrow against.
You forget there is a black-box in the mix: the PACs, who can take unlimited contributions and can legally also purchase the stock as in investment to fund their activities.
Doesn't matter who buys in terms of moving cash towards Trump: unless he sells, he has nothing but paper assets.
Which, as was noted above, he could borrow against.
He won't sell until they've driven the price up.
A few more days, maybe weeks. But before the election.
I was going to ask, "who the hell would lend anyone money with a stupid meme stock as collateral?" and then of course it hit me: like all the other shit, someone looking to launder campaign contributions.
Nothing. But in 1869 it was Black Friday when gold prices collapsed because Grant ordered the sale of enormous amounts of government gold as part of a plot to help Jay Gould and James Fisk control the market. In 1960, the U.S.S. Enterprise, the world's first nuclear aircraft carrier, was launched. In 2005, Texas was walloped by Hurricane Rita, the most intense hurricane ever recorded in the gulf. And just last year, OSIRIS-REx landed with its load of asteroid samples.
What more do you want September 24 to do? Manage Trump people? Ask Halloween. It needs something to do other than conducting a rumble once a year.
Maybe what happened on Sept 24 was some people bought stock for whatever reason (e.g. that the price was low for a stock that might skyrocket if Trump wins the election and MBS to buy him buys lots of shares). Then other people thought "it's going up, quick me too" (or at least, "I'm not selling while it's going up".)
Could also be a way to help Trump win, by making him look like a successful businessman. But I think it looks more like sheeple behavior.
Cryptocurrency bros who have become accustomed to tenths of a second dumpings of their junk.
Think of the adrenaline rush!
The rug pull becomes sweeter by the minute.
Elon is buying it all. He loves overpaying for social media companies.