Last week tonight’s John Oliver explained how the Truth Social meme stock is a GameStop in reverse.
Oliver said after two Trumpers explained why they would ignore DJT stock:
You gotta like guys. But in a sense they are right. Truth Social is basically a meme stock now. And its price has risen based on the same principle as meme stocks like GameStop or AMC. If enough investors buy shares, they can drive up the price, and everyone can somehow get out before the bubble bursts.
But the GameStop movement was at least nominally about siphoning financial power away from the richest bastards and giving it back to the little guy, while this movement is about funneling the little guy’s money directly to the richest bastards. *hole is there. And it’s been pushed in the same way as other meme stocks through social media posts like this one, which says: If you love America, buy DJT now, or reads this: Keep calm and buy more DJT, to my personal favorite, this one promoting the stock next to an eagle-shaped erection that squirts glitter, which makes sense, I guess.
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Truth Social is a bit like a penis because a lot of sad men on the internet spend their time lying about how big it is and what it can do for you. Look, who knows where exactly this is going. Truth Social’s value could collapse if people realize they put billions of dollars into a potato with the word social media painted on it.
Although, if that happens, I suspect Trump has already cashed out, leaving his supporters holding the bag. But it’s also possible that Trump will run for president again and hold on to the platform as a convenient way for corporations and foreign interests to put money in his pockets that they all know he needs.
But the bottom line is that this year more than ever, everything Trump does will be a money grab. This year is one of the few times he has actually been asked. are paying the price for his actions, but he already has other people footing the bill.
Video:
Truth Social is a scam. It is an empty company that produces nothing and does not release any data about the number of users visiting the site. Everything about Truth Social is a red flag. Oliver was right. Where this goes likely involves Trump cashing out and leaving his supporters broke while they hold the bag.
It’s a movie we’ve seen before. Trump skates away and his loser supporters are left holding the bag and picking up the pieces. As long as people are willing to bail out Trump with their own money, he will continue to seek profit.
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Jason is the editor-in-chief. He is also a White House press pool and congressional correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His graduate work focused on public policy, with a specialization in social reform movements.
Pricing and professional memberships
Member of the Society of Professional Journalists and the American Political Science Association