this post was submitted on 10 Apr 2024
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[–] [email protected] 0 points 7 months ago (1 children)
[–] [email protected] 1 points 7 months ago

I’d take Russ over Trump any day.

[–] [email protected] 0 points 7 months ago (1 children)
[–] [email protected] -1 points 7 months ago

It's still got a $4.5B market cap, though.

I work at an energy company that has quite literally over a billion in physical infrastructure in the ground right now and its worth less than this glorified Mastadon instance.

[–] [email protected] 0 points 7 months ago (1 children)

He was never a billionaire

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

If you own 90k sqft of real estate in lower Manhattan, you're a billionaire.

[–] [email protected] 0 points 7 months ago* (last edited 7 months ago) (1 children)

The issue is he doesn't really own them anymore. He's leveraged to shit, so he's probably got negative 90k sqft in Manhatten

[–] [email protected] -1 points 7 months ago

He’s leveraged to shit

I believe the properties are officially owned by his son-in-law, who is all juiced up from Saudi money and well within the billoinaire wealth range. But being a part of the Kushner family, with access to a near limitless pool of cash/credit, makes you at least as much of a billionaire as anyone on the Forbes List for all practical purposes.

Trump's biggest problem isn't cash flow, its that nobody (reputable) wants to do business with him anymore because he reflexively stiffs them all.

he’s probably got negative 90k sqft in Manhatten

I remember Hillary Clinton bemoaning her $25M in campaign finance debt following the 2016 election cycle. Credit lines that large don't get handed out to just anybody. They're what let you do crazy ass shit like buying Twitter at its current market cap because you went on a posting bender over the weekend.

[–] [email protected] -1 points 7 months ago (4 children)

The market cap for Truth Social is $4.5B, which is fucking bananas when you consider that this is a home-rolled Mastadon instance that hasn't even been patched since 2022.

I'm not saying Trump is a billionaire, or even a good businessman, but holy shit how crazy is it that people are trading $35/share for something their grandkids could put together over a long weekend of free time?

[–] [email protected] 0 points 7 months ago (1 children)

Seems like a good way for people to slip money into Trump's accounts without the regulatory oversight of a direct gift or donation.

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

That's one perspective. Another is that he's tapping into a rich vein of WSB-tier suckers.

[–] [email protected] 0 points 7 months ago (1 children)

I'm not sure there are that many suckers. Trump's campaign has bled his supporters pretty hard, they don't have billions to invest. And serious speculators ought to know it's not worth shit, unless they're just riding the idiot wave. I suspect there's something fucky going on.

[–] [email protected] -1 points 7 months ago

Trump’s campaign has bled his supporters pretty hard

Trump got his $175M civil bond paid by a single California billionaire auto-loan shark, Don Hankey. I just don't think you understand how deep the well goes, when it comes to right-wing suckers and fascist fellow-travelers.

I suspect there’s something fucky going on.

I have no doubt there's fuckery going on. Probably layers of fuckery, as speculators pile on top of boiler room penny stock hustlers to goose the price of this golden turd. But if there's one thing I've learned from the Bitcoin con-job, its that if you inflate an asset's value high enough, you can eventually off-load it on the public sector by claiming "this will create economic growth".

[–] [email protected] 0 points 7 months ago (1 children)

The tech isn’t what’s valuable, it’s the market reach. That said, the market reach is also shit.

[–] [email protected] -1 points 7 months ago

The tech isn’t what’s valuable

Saying this right before my EQ pirate server gets inundated with over a dozen users.

[–] [email protected] 0 points 7 months ago (1 children)

The price is based on the size of the cult of delusional racists who worship Donald, it has little to do with the tech. Imagine how much you could charge for ivermectin ads if you can guarantee they'll be in front of an audience of cultists!

[–] [email protected] -1 points 7 months ago

I hardly have to imagine. As a Texas resident with a few friends who own horses, I can say firsthand that the ivermectin lie has cleared stocks from shelves for gullible rubs that was much needed for actual horse medicine

[–] [email protected] 0 points 7 months ago (1 children)

It also took in a grand total of $4M in revenue last year. Not profit, revenue. Like, I think Nvidia is insanely overvalued based on AI hype, but they do have $61B in revenue on a $2,240B market valuation. Even that's out of wack, but the ratio there is orders of magnitude better than Truth Social.

[–] [email protected] -1 points 7 months ago

Efficient Market Hypothesis is one hell of a drug.

[–] [email protected] -1 points 7 months ago

These lists just make the problem worse.