there is a huge stretch between not having food and being wealthy … (I would guess that 90% of all dopers fall into this group)
say, somebody who stashed aside 1 or $3k … acquired knowledge (there are lots of boards like the dope, but financially oriented on the internet), should be doing well in the medium to long run.
Again, I talk about an abstract, statistical group, not a given individual (=anecdote), as even a Warren Buffett might have crappy months or quarters …
I’m not sure where this conversation is going, but yes I believe there are tons of middle class people who have learned the importance of investment diversification. Also tons of middle class people who know a pump and dump scheme when they see one. [1] Majorities? I dunno. Definite majorities benefit from the stock market through their retirement plan.
I don’t disagree about the game being rigged in favor of the rich, but I don’t think this is a good example of that. It’s a great example of an investment scam, which may or may not make some people rich, depending on the vagaries of the stock market and SEC enforcement. But recurrent investment scams are familiar to those who read the business press.
[1] Cite: the tree-remover upthread hasn’t told his family about his DJT investments: “You know how that is.” Clearly he knows some sensible people.
ETA: Does anyone believe that Devin Nunes could put together an IT team capable of scaling up even 10 times if Truth Social became even a small fraction of Twitter-X?
Well, not much detail, but apparently DJT is floating more shares, which of course will dilute the value of all those regular-folks.
How can the rubes not see this for what it is?
If we wanted to make a list of all the obvious lies, scams and other problematic elements Trump supporters have been willing to overlook, we’d be here for days.
They don’t see it because they believe. And when it goes wrong, they’ll blame it on the Deep State or China or, I dunno, anything but themselves or Trump.
The Deep State broke into my house and sold all my stock for pennies!
From $32 to $28 shortly after open - LOVE IT!
So it didn’t even need a full 2 weeks.
With such peerless prognostication you much be a fatcat indeed! 
As much as I dislike Trump, I’m not sure he gets the lion’s share of the credit for Truth Social tanking. Truth Social wasn’t even concocted by Trump, he was just approached by other people who offered to build it and give him 90% ownership. The very same people Trump is trying to screw over by suing them and lessen their shares from 10%-1%.
Oh, no, pretty much everything is wrong with Truth Social. If anything, Trump’s participation is the only thing standing between it and immediate collapse.
The next price threshold I’m looking forward to is $1. From the NASDAQ listing requirements:
If a company trades for 30 consecutive business days below the $1.00 minimum closing bid price requirement, Nasdaq will send a deficiency notice to the company, advising that it has been afforded a “compliance period” of 180 calendar days to regain compliance with the applicable requirements.
… which are basically fancy words saying that below a certain threshold the stock will be kicked off the exchange.
Next price point I am looking for is sub $14.00
This is because the latest news release gives notice of the intent to pump another 21.4 million shares of common stock into the market, issuable “upon the exercise of warrants." The closing price of Trump Media’s warrants was $13.69. This is the next stop for the plunge.
I wonder if this is the best opportunity in years to pull people away from the cult. Of course Trump will lie and reverse victim and offender and all the rest; but it looks like there are thousands (tens of thousands? hundreds of thousands?) of stockholders who bought the stock out of personal loyalty to Trump. Their impovershment will be unambiguous. Will it be a chance for folks to say, “Yes, Trump has scammed you, because that’s what he does” and be heard?
It is a tough sell. We have more Trump supporters than I can understand here in New Jersey. This is a state where most people know a person that knows a person that Trump ripped-off, usually fairly small contractors. So you would think his support here would be ≤10%. He got 41% of the vote in 2020 and 41% in 2016. I know some of that was R vs. D more than Trump fanatics, but I really expected the 2020 number to be a lot lower.
I think far too many have drunk the Flavor Aid.
He will only lose the small percentage that bought into this scam and believe it is his fault the lost their investment.
Much like the endless predictions of the End of Days, it’s possible that it’ll be right … one day.
Oh dear, down 18% so far today. It may have a late afternoon bounce though, when some of the short sellers buy in to lock in their gains.
To put this in perspective, the MAGAt who bought $10,000 worth of this shite around 3 weeks ago at $66.00?
It’s now worth about $4,000 (and dropping) Lost 60% in just under three weeks. Nice.
Yep. It’s going great.
The Forbes article says that the company has “filed” with the SEC to issue more stock.
Does that mean the SEC can block the issue of more stock, or is it just putting investors on notice of a pending stock issue?
I struggle with these headlines announcing things like “wiped out $400 million in Trump’s net worth”. Trump is contractually forbidden to sell his stocks for months, so counting their contribution to his net worth at a value he couldn’t legally sell at is highly problematic.
It’s a bit like if I were to own a gold mine with known reserves of x tons of gold, we were in the middle of a gold price bubble, and then when the price of a troy ounce crashed it was reported that my net worth had declined by the drop in price applied across the entire known reserves in my mine. But my mine could never have extracted its entire reserves instantaneously, so it’s just dumb to apply the spot price to the total amount of gold in the ground to calculate my net worth because it’s not actually possible for me to sell the gold that’s still in the ground at today’s price. My gold reserves’ value to my net worth should be applied based on the expected future price of the gold as it’s produced.
Likewise, DJT stock’s contribution to Donald J Trump’s net worth should be calculated based on the expected share price on the date he can legally begin to sell it. While there isn’t an explicit futures market for shares as there is for commodities like gold, the short selling of DJT comes pretty close to implying a future price, and that future price has never contributed $6 billion to Trump’s net worth, and actually hasn’t really changed all that much. Trump’s net worth hasn’t lost $400 million today. It never actually included those $400 million.
It ended up recovering IIRC 21 cents from the low point.