- cross-posted to:
- usnews@lemy.lol
- cross-posted to:
- usnews@lemy.lol
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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.
If mismanagement is enough to prevent someone from owning stock, Trump should not own a single share of anything
I agree, though this is par for the course as Trump behavior goes. He’s got a long history of doing shady shit, screwing over partners and vendors.
I’m glad that people are learning the hard way not to trust him, although I would’ve preferred it if they had listened. I’m enjoying this shit show!
The stock isn’t going to be worth anything by the time the case gets resolved anyway.
i almost feel bad for these guys… but i dont. its common knowledge that no good comes from going into business with trump
Yeah, I feel nothing for these people. They knew he was a snake when they took him in.
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.
Surely the 40+ years of people saying he’s a con man narcisist are surely wrong.
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
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.
Took him in? They pitched the idea. They deserve what they get.
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.
My thoughts on the matter.
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.
In fact, they specifically targeted that demographic. They put their face inside a starving leopards mouth
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?
I’m sorry but your check didn’t clear.
President of Puerto Rico I’d the potus isn’t it? Puerto Rico I’d a us owned territory. Or was that the joke?
It was in reference to the fact that Trump, while president, says he "met with the “President of the Virgin Islands”
Which, despite his press room’s spin, we all know he completely didn’t know that he was the president of the Virgin Islands.
Pretty much. What do you expect?
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I was going to ask which one of these people is the biggest idiot and then I realized the answer was yes.
He’s been defrauding contractors, backstabbing, and throwing people under the bus for decades. Even a grifter would have to be high as fuck on pure greed to have any business interaction with Donald.
It’s hilarious that these scammers also received an inevitable betrayal. I hope they lose all their money and the stock crashes before Donald can get anything significant out. What a delight to see any of these lying con men lose it all.
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inconceivable!
You keep using that word.
I do not think it means what you think it means.
Anybody want a peanut?
This is a perfect example of rats eating each other.
Well yeah but they’re billionaire rats.
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.
I mean the fact that they managed to run it in a way that was illegal was pretty uniquely impressive.
What’s the background there? Illegal…?
Idk violating gpl isn’t hard you just have to think of it as some hippy bullshit without teeth instead of what it actually is: a pretty radical legal framework for intellectual property to be distributed freely that has plenty of teeth and a strong precedent
I like GPL, but I thought it was basically just a contract.
who pays for the lawyers? Unless you have more money than your opponent nothing has much teeth in the US.
This is from 2021. What happened? I assume nothing?
They quietly complied with the requirements
Trump should sue himself for being a dipshit
I was going to comment that he’d win at that at least, but for some reason I think he’d fuck that up too.
He tried but his best lawyers messed up the paperwork.
Pointless, he wouldn’t be able to pay for the damages he’d owe himself.
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“Without Mastodon , Truth Social would have been impossible,” the filing should have said said.
Why’s that?
It is literally a Mastodon instance with no ActivityPub federation.
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.
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).
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.
Well, there actually is, if you say the things the Kochs want you to say
The Koch*
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.
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.
Well, you have to price in all the graft.
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.
Its Mastadon + MAGA lipstick.
MAGAstodon.
MAGAsturbating Don.
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?
It’s a vehicle for trump to accept foreign money, that’s how.
Money laundering
Tax fraud.
Well first, throw logic out the door and you’ll come by your answer a little easier. hint, it’s because of capitalism.
Lies.
Like his whole life.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.
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.
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.
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.
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.
DJT and RDDT both had a bit of a dead cat bounce today.
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.
Rational markets 👍
Economics aren’t science.
Yes they are
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It’s a money laundering shell
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.
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.
Breaking news: People who cozy up to face eating leopards will eventually get their faces eaten. More at 8.
Look at all these losers getting their faces eaten. I’m sure I am smart enough to not have that happen to me!
A trump never pays his share
Every one of these people:
One of these days this man is going to accidentally sue himself
And still lose
Nah, it’ll be on purpose.
But he’ll sue himself with the wrong forms in the wrong court
Courthouse Total Landscaping
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.
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.
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.
Wait until all the rubes who bought stocks find out that they’re next. The fine print actually says that your stock purchase is actually just a non-refundable donation to the Donald J. Trump legal defence fund.
