Trump Media plunges amid plan to issue more shares. It's lost $7 billion in value since its peak.
The former president's media company has had a rough start on Wall Street, shedding two-thirds of its value since its peak.
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Turns out Forbes was probably right when they called it 3 days ago with their article "Sell Trump Media Stock (DJT) Now - An Implosion Is Likely". A few of their many criticisms:
The point was only ever to funnel money into Trump's pockets. A lot of people lost some, some lost a lot, but it was a successful operation to get that bastard some financial relief.
Not yet. As part of the IPO, he can't sell stock for 6 months. It being high at any point before that does nothing for him.
Unless the board (conveniently filled with his flunkies) votes to let him sell sooner. It seems like the best time to do that would have been a couple days after the IPO.
And nothing stops the company from using the ipo money to buy back shares, artificially creating demand exactly at the time Trump dumps his shares. If it's anything like every other Trump venture the only goal is to funnel money to Trump.