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Trump is booted off Bloomberg’s Billionaire list after Truth Social stock price dives
(www.independent.co.uk)
this post was submitted on 10 Apr 2024
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The market cap for Truth Social is $4.5B, which is fucking bananas when you consider that this is a home-rolled Mastadon instance that hasn't even been patched since 2022.
I'm not saying Trump is a billionaire, or even a good businessman, but holy shit how crazy is it that people are trading $35/share for something their grandkids could put together over a long weekend of free time?
The price is based on the size of the cult of delusional racists who worship Donald, it has little to do with the tech. Imagine how much you could charge for ivermectin ads if you can guarantee they'll be in front of an audience of cultists!
I hardly have to imagine. As a Texas resident with a few friends who own horses, I can say firsthand that the ivermectin lie has cleared stocks from shelves for gullible rubs that was much needed for actual horse medicine
I think you are interpreting this wrong... people are paying $35 a share because one of two reasons:
It also took in a grand total of $4M in revenue last year. Not profit, revenue. Like, I think Nvidia is insanely overvalued based on AI hype, but they do have $61B in revenue on a $2,240B market valuation. Even that's out of wack, but the ratio there is orders of magnitude better than Truth Social.
Efficient Market Hypothesis is one hell of a drug.
Seems like a good way for people to slip money into Trump's accounts without the regulatory oversight of a direct gift or donation.
That's one perspective. Another is that he's tapping into a rich vein of WSB-tier suckers.
I'm not sure there are that many suckers. Trump's campaign has bled his supporters pretty hard, they don't have billions to invest. And serious speculators ought to know it's not worth shit, unless they're just riding the idiot wave. I suspect there's something fucky going on.
Trump got his $175M civil bond paid by a single California billionaire auto-loan shark, Don Hankey. I just don't think you understand how deep the well goes, when it comes to right-wing suckers and fascist fellow-travelers.
I have no doubt there's fuckery going on. Probably layers of fuckery, as speculators pile on top of boiler room penny stock hustlers to goose the price of this golden turd. But if there's one thing I've learned from the Bitcoin con-job, its that if you inflate an asset's value high enough, you can eventually off-load it on the public sector by claiming "this will create economic growth".
Well, their grandkids may be able to put it together. They themselves still consider it magic...
The tech isn’t what’s valuable, it’s the market reach. That said, the market reach is also shit.
What do you mean? They are the perfect target audience for lots of things, all in one place. Reverse mortgages, penis pills, VPN services (since you can't discretely view porn in Texas without it), etc.
Saying this right before my EQ pirate server gets inundated with over a dozen users.
...I should make a instance
When it comes to humans, sometimes they focus more on style, than the substance.
You'd think they'd be more careful with their money, especially these days when there is so little of it to go around, but no, their favorite star tells them otherwise.