• Davel23@fedia.io
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    9 months ago

    Former President Donald Trump has sued the co-founders of Truth Social, alleging they mismanaged the social media platform early on and should therefore lose their stock in the company, which recently went public.

    If mismanagement is enough to prevent someone from owning stock, Trump should not own a single share of anything.

      • dynamojoe@lemmy.world
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        9 months ago

        Each one of Trump’s business partners thinks “I’m not gonna get screwed by this guy!” and in the end each one of them does.

        • Igloojoe@lemm.ee
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          9 months ago

          Surely the 40+ years of people saying he’s a con man narcisist are surely wrong.

          • TrickDacy@lemmy.world
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            9 months ago

            nO oNe SaId He WaS a CoN uNtIl He RaN fOr PrEsIdEnT

            -my parents, who give zero fucks about all the counterexamples given to this idiocy

        • jkrtn@lemmy.ml
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          9 months ago

          You’d think after walking past hundreds of guys with knife stabs in their back they wouldn’t enter a business deal with the dimwit waving a bloody dagger around.

      • experbia@lemmy.world
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        9 months ago

        there are always the people in every horror movie who think that if they deliver their friends into the open drooling maw of the monster stalking them, they’ll get a reward.

        the “reward” is usually at least as bad as their friends’ fate. it’s just narcissism really. they think they’re more like the enemy than they are like their friends, so it would be natural to spare them. but they’re all just meat to the monster.

        trump is just a shitty xenomorph. small hands instead of small mouth, and substantially less physically threatening. I think they both probably have the acid blood though.

    • jkrtn@lemmy.ml
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      9 months ago

      I don’t feel bad in the slightest. Everyone knows Donald is a sociopathic grifter. These guys wanted to run a con with him and got burned. I hope their lives are full of misery.

    • Wrench@lemmy.world
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      9 months ago

      In fact, they specifically targeted that demographic. They put their face inside a starving leopards mouth

    • CosmicTurtle@lemmy.world
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      9 months ago

      Except me. Right? He totally promised to make me president of Puerto Rico.

      Because I’m one of the good ones.

      I’m the exception.

      Right?

  • RubberDuck@lemmy.world
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    9 months ago

    May their court battle be drawn out and their legal bills astronomical. They deserve it. All of them.

  • SlippiHUD@lemmy.world
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    9 months ago

    Yes, truth social is completely impossible without trump. Nobody could possibly spin up a mastodon instance without a former president backing you. Just absolutely unheard of.

  • YurkshireLad@lemmy.ca
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    9 months ago

    “Without Mastodon , Truth Social would have been impossible,” the filing should have said said.

        • Tinidril@midwest.social
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          9 months ago

          That’s awesome. They had no significant development costs and still racked up a $15m loss in the last year. Yep, definitely a Trump enterprise.

          • orclev@lemmy.world
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            9 months ago

            That’s because they have no revenue and significant operating costs. Turns out there’s not much money to be made in providing a platform to Nazis and conmen. There are all the MAGA idiots on there, but what little wealth they have has already been tapped out by the dick pill salesmen, their pastors, and Trump himself (plus whatever the latest pyramid scheme they’ve signed up for this week is peddling).

            • CarbonatedPastaSauce@lemmy.world
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              9 months ago

              Turns out there’s not much money to be made in providing a platform to Nazis and conmen.

              I love this. For some reason this particular train wreck is giving me a small glimmer of hope for the future.

            • Tinidril@midwest.social
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              9 months ago

              Well sure, but I could provide a platform for Nazis and conmen for a hell of a lot less than $15m/year in operating costs.

            • fine_sandy_bottom@discuss.tchncs.de
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              9 months ago

              Turns out there’s not much money to be made […]

              Sadly I don’t think this is really true. That’s why at least some idiots think the platform is worth $11bn. Users don’t need to be wealthy, just stupid enough to click an ad for said dick pills.

            • uienia@lemmy.world
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              9 months ago

              Theres lots and lots of money to be made. The poorest ones will happily go into debt to support the various grifters. Truthsocial is basically nothing but grifting posts of the Trump base.

  • BaroqueInMind@lemmy.one
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    9 months ago

    So Trump Media is operating on a revenue stream of 4 million a year, and is reporting a yearly loss of 58 million. How the fuck is that company’s stock rated at $60/share?

    • Stupidmanager@lemmy.world
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      9 months ago

      Well first, throw logic out the door and you’ll come by your answer a little easier. hint, it’s because of capitalism.

      • RagingRobot@lemmy.world
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        9 months ago

        He overvalued it like he does everything he owns. The same thing he already got in trouble for in new York. This time it’s with a fake tech company instead of real estate.

        • Windex007@lemmy.world
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          9 months ago

          You can set the initial sell price in an IPO but nobody is obligated to buy it. Markets determine market price, and especially in tech they’re speculative in nature. This is in no way shape or form the same as what he did with his real estate.

          This current valuation is probably propped up by the same idiot base who buys his Bible’s and NFTs, or by foreign (or domestic) investors looking to indirectly buy his favour in anticipation of a 2nd presidency. Maybe a combination of the 2.

          • paddirn@lemmy.world
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            9 months ago

            I wonder if there’s actual serious investors valuing it that high, basing it on the possibility of a Trump win in the presidential election? Trump comes to power, does all his crazy fascist things and becomes dictator-for-life, and Truth Social becomes THE state media. Stock in in any other media company becomes worthless when Trump starts using the power of the presidency to shut them all down and we’ve only got one state-owned media company reporting on everything. It’s scary, but as an investor it might make a certain amount of sense.

            • Windex007@lemmy.world
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              9 months ago

              Given how much government money was spent at mar-a-lago it’s not at all absurd to say that part of the market price is based on the speculation of DJT receiving favourable government treatment/contracts if we see a second Trump term.

              I’d be curious to see how tightly polling correlates with DJT market value. It’s basically a corruption perception R2 index.

    • Asafum@feddit.nl
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      9 months ago

      I wouldn’t be surprised if it’s just like essentially “Trump Bitcoin.” Effectively worthless but he’s got a gigantic pool of people who will throw money at him.

    • Kid_Thunder@kbin.social
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      9 months ago

      Share price has never really been a representation of company health. Shares are traded at what people will buy them for. There also may be a lot of short selling going on waiting for the plummet.

    • FlowVoid@lemmy.world
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      9 months ago

      It’s worth $50, not $60. Anyway, share prices are arbitrary because they depend on the number of shares.

      Trump Media has a market cap of $5b, about the same as Lyft which also hasn’t turned a profit.

  • Suavevillain@lemmy.world
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    9 months ago

    He is in a legal battle every day of the week and GOP voters are like damn this guy is fit to be President again.

    • Blackmist@feddit.uk
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      9 months ago

      Look at all these losers getting their faces eaten. I’m sure I am smart enough to not have that happen to me!

          • SkyezOpen@lemmy.world
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            9 months ago

            I’ll always cherish trump for giving us that presser though. Like, EVERYONE knew they meant the hotel, and rather than changing venue when they couldn’t secure it, they grabbed something with the same name and pretended it was intentional. Just truly amazing. Like a child with a chocolate covered face saying the dog ate the cookies.

            • jkrtn@lemmy.ml
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              9 months ago

              I read a theory that they had to change the location because the hotel was near a school and someone in their group was legally barred from being that close to children.

              • SkyezOpen@lemmy.world
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                9 months ago

                While there was a sex offender that spoke at the conference, the Trump campaign actually changing the venue because of that one person implies either

                • they care about keeping sex offenders away from kids

                Or

                • they respect the law

                Since neither are true, I don’t think the theory stands up to scrutiny.