• tsonfeir@lemm.ee
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    7 months ago

    Biden is responsible for my loss of money because I chose to invest in a stock that was clearly a money grab.

    —Republicans

    • GrymEdm@lemmy.world
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      7 months ago

      In a not-really-defense of their BS, by investing in DJT they’ve set up their net worth to get absolutely ruined during Biden’s 2nd term.

      • tsonfeir@lemm.ee
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        7 months ago

        It would be ruined in Trump’s second term too. No one with real money bought that lie. He’s just making the middle class poor.

        • GrymEdm@lemmy.world
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          7 months ago

          I’m trying to assume no 2nd Trump term for my mental health. Also I am, on the admitted basis of no special knowledge, worried that DJT stock is just a way for foreign money to get laundered and thus not subject to normal economics if he is reelected.

        • ShepherdPie
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          7 months ago

          He used the IPO to get some quick cash to pay the appeal bond on his NY lawsuit.

            • jkrtn@lemmy.ml
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              7 months ago

              Every SPAC is a scam. I learned my lesson well before this trash, which is obviously a pump-and-dump scam even independently of involving a SPAC. I would rather burn my money than give it to Donald anyway.

          • protist@mander.xyz
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            7 months ago

            Did he get quick cash? I read he’s not allowed to liquidate any of his shares until 6 months have passed, which at this rate is not looking good for him

            • tal@lemmy.today
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              7 months ago

              As far as I’m aware, no, though my understanding is that the board can waive that requirement.

              https://www.businessinsider.com/trump-could-sell-truth-social-stock-early-son-friends-board-2024-3?op=1

              Trump could sell billions in Truth Social stock early if a board consisting of his son and former colleagues agrees

              I also seem to recall reading some discussion about whether he could borrow against it. I’m not sure how strong of an argument that latter route is, as borrowing against it is going to require finding someone who wants to lend against its future value.

              EDIT: I haven’t really been paying much attention, but Forbes is pretty blunt about the prospects for shareholders.

              https://archive.ph/bggR3

              https://archive.ph/ozcpE

              EDIT2: I gotta say, if he burns a large chunk of the faithful during his presidential campaign, he might walk away with a bunch of their money, but I’d imagine that it wouldn’t be very good for his electoral prospects.

    • tal@lemmy.today
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      7 months ago

      Biden is responsible for my loss of money

      considers

      I mean, strictly-speaking, the SEC is kind of responsible for protecting investors against scams.

      I don’t know whether Truth Social is actually breaking current SEC rules. But I also think that it’s fair to say that avoiding copycats in the future might be a good idea.

      • tsonfeir@lemm.ee
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        7 months ago

        No more than three commissioners may belong to the same political party. And none of them are “controlled” by the president.

        While the Democrats do have a 3 to 2 majority, I think it’s pretty safe to say that some of these people are corrupt as fuck.

        Additionally, I don’t think either of these political parties are going to pass sweeping regulations that makes the rich honest. So while both political parties may be financially corrupt, there is really only one political party that wants the world to suffer, and that’s not the party that Joe Biden belongs to.

        Edit: partY

        • Agrivar@lemmy.world
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          7 months ago

          So while both political parties may be financially corrupt, there is really only one political part that wants the world to suffer, and that’s not the party that Joe Biden belongs to.

          Facts.