chapotraphouse

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Truth Social is just a masked defederated Mastodon instance. (hexbear.net)

submitted 7 months ago by [email protected] to c/[email protected]

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https://bsky.app/profile/nih-llamas.bsky.social/post/3komzcim76p26

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[–] [email protected] 44 points 7 months ago* (last edited 7 months ago) (3 children)

It's hilarious that they haven't gone after his IPO. He has an outdated mastodon clone with 1m active monthly "users", $3.4m in 2023 revenue, and $49m in 2023 expenses. That's such a shitty penny stock of a company and yet he made ~~$5B~~ $3B from that.

[–] [email protected] 34 points 7 months ago (1 children)

Holy shit that's a good grift, I had no idea

[–] [email protected] 16 points 7 months ago

"A fool and their money are soon parted."

-Dr. John Bridges

"There are a disproportionately large number of fools in the Trump-supporting population."

MeetInPotatoes

[–] [email protected] 23 points 7 months ago (2 children)

Trump made 5 BILLION off Truth Social??

[–] [email protected] 25 points 7 months ago

Correction: https://twitter.com/NYDailyNews/status/1772686796817666098

The soaring stock price, which climbed by more than 30% Monday, would value the company at more than $5 billion, which could give Trump an eye-popping personal windfall of about $3 billion for the 79 million shares he owns.

The former president is barred from selling the shares for six months, although the company could tweak those restrictions.

The board is stacked by him so they'll likely approve an early sale for $3B+- whatever the stock price reaches by then, at which point it will probably be a pump and dump.

[–] [email protected] 16 points 7 months ago

Yeah he's got a deal going where they IPO it and fleece the hogs and he gets a big pile of stock. It's what he should have done with that dumb casino company he put together back in the 90s, but he just used that to offload his bad debts instead, while having it pay him for his own jet travel and stuff like that to make a few million here and there on the side.

[–] [email protected] 16 points 7 months ago* (last edited 7 months ago)

it's hilarious that they haven't gone after his IPO.

Billionaires can do what they want