this post was submitted on 22 Apr 2024
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Former President Donald Trump is on the cusp of scoring a major financial bonanza – at least on paper.

As long as Trump Media & Technology Group’s share price doesn’t spectacularly implode before Tuesday’s closing bell, Trump is on track to receive another 36 million shares as the owner of Truth Social.

This milestone is on track to be hit after the market closes on Tuesday.

Even though Trump Media is losing money and Truth Social is very tiny, those new shares Trump is in line to receive would be valued at about $1.3 billion at current prices.

Trump’s net worth has been on a roller coaster ride ever since his social media company finalized its deal to go public late last month. The former president is the dominant shareholder in a stock that has been called a “meme stock on steroids.”

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[–] agressivelyPassive@feddit.de 68 points 5 months ago (1 children)

It's market manipulation for money laundering purposes, nothing more.

It's the high street version of putting an empty box for sale on eBay for 10000€.

[–] Dkarma@lemmy.world 14 points 5 months ago

This is it so much. It's not even remotely about how the stock market is detached from reality.. IT Always WAS!