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(Huffington Post)   Trump's new TRUTH social media network is such a hit, investors are starting to pull out because they had no idea Trump was involved with the site when they invested   (huffpost.com) divider line
    More: Amusing, Hedge fund, Mutual fund, Donald Trump, social media company, Newspaper, hedge fund manager Boaz Weinstein, Eddie Fatu, special purpose acquisition company  
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2992 clicks; posted to Politics » on 22 Oct 2021 at 12:16 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-10-22 9:45:32 AM  
Well, that... plus the fact that it's already been hacked and it's based on stolen code... probably should have checked into that kind of stuff before you invested, but that's up to you
 
2021-10-22 9:54:07 AM  
How much had their investment's value gone up when they bailed?

Sounds like the whole thing is a pump-and-dump grifter scheme.
 
2021-10-22 10:04:12 AM  

bostonguy: How much had their investment's value gone up when they bailed?

Sounds like the whole thing is a pump-and-dump grifter scheme.


It hadn't schemed yet.  The SPAC allows a company to have an IPO without the normal regulatory checks.  So, MIniTrue merges with the SPAC and then has an IPO.  That's where you make the money.  But if the SPAC falls apart before the IPO, then nothing happens.  There hasn't been a pump to dump.  Which is, based upon all the accounts we have, pretty much par for the course with Trump.
 
2021-10-22 10:12:03 AM  
I'm not buying that excuse.  They knew Trump was part of it.  Pulling out now is simply cutting their loses.  The excuse is so they don't end up looking like Mike Lindell in the media.
 
2021-10-22 10:36:33 AM  

bostonguy: How much had their investment's value gone up when they bailed?

Sounds like the whole thing is a pump-and-dump grifter scheme.


At this point? like 1000%
 
2021-10-22 11:14:19 AM  
Has anyone mentioned that the entire thing was almost certainly a pump-and-dump scheme?
 
2021-10-22 12:04:22 PM  
Come on, guys, don't be so cynical. I believe Trump truly wants a vanity news platform that will praise him 24/7.

Unfortunately, he's so completely incompetent that this one will fare no better than his last couple of attempts. It will be populated with no one but RWNJ MAGA idiots who will turn it into a Nazi forum in a matter of hours.

Worse, Trump will put some brown-nosed toady in charge who is as crooked as he is and the whole thing will tank before it gets off the ground.
 
2021-10-22 12:17:31 PM  
a.k.a. Disgracebook, a.k.a. Shiatter, a.k.a. Instagrift...

This will go every bit as well as his casino, his steaks, and his university.
 
2021-10-22 12:17:38 PM  
ETTD
 
2021-10-22 12:18:46 PM  
i.imgur.comView Full Size
 
Juc
2021-10-22 12:19:16 PM  
It's probably prudent to divest in anything trump is involved in as just a matter of course.
 
2021-10-22 12:20:39 PM  
The site's source code is also just a copy of the Mastodon codebase with some css tweaks. Violation of the GPL license.
 
2021-10-22 12:21:11 PM  

Psychopusher: a.k.a. Disgracebook, a.k.a. Shiatter, a.k.a. Instagrift...

This will go every bit as well as his casino, his steaks, and his university.


Never forget Trump bankrupted a casino!!!'

How does that even work?!!
 
2021-10-22 12:21:16 PM  
He owned 10%?
Stock prices tripled the day it came out.
He sold all his shares.

Whar hero tag, whar?!
 
2021-10-22 12:21:40 PM  

OldRod: Well, that... plus the fact that it's already been hacked and it's based on stolen code... probably should have checked into that kind of stuff before you invested, but that's up to you


FTFA: "The newspaper said Weinstein's Saba Capital had been a major investor in Digital World, a special purpose acquisition company, or SPAC, formed for the purpose of acquiring another company.  As is common in SPAC arrangements, investors put their cash in before the acquisition target was chosen. When Weinstein learned it would be with Trump's firm, he bailed."

So uh, how the hell does a SPAC arrangement work with investors?  What are they told?  "Give us a bunch of money for us to do something with, can't tell ya exactly what yet we're gonna do with it, but uh, you'll be getting massive returns, just you wait!"
 
2021-10-22 12:22:23 PM  

bostonguy: How much had their investment's value gone up when they bailed?

Sounds like the whole thing is a pump-and-dump grifter scheme.


Like flies to shiat, he attracts grifters.
 
2021-10-22 12:22:37 PM  
When can we start short-selling?
 
2021-10-22 12:23:38 PM  
Yeah, SPACs are interesting monsters. You buy SPAC stock, or directly help fund a SPAC if you're big enough, and then they go find a merger target. I can't blame the person for bailing, because that is liable to do worse than ME stock.
 
2021-10-22 12:23:44 PM  
Patrick Orlando, grifting the grifters.
 
2021-10-22 12:24:49 PM  
Shame his dad didn't do more pulling out.
 
2021-10-22 12:25:58 PM  

MrBallou: Come on, guys, don't be so cynical. I believe Trump truly wants a vanity news platform that will praise him 24/7.

Unfortunately, he's so completely incompetent that this one will fare no better than his last couple of attempts. It will be populated with no one but RWNJ MAGA idiots who will turn it into a Nazi forum in a matter of hours.


What, are you saying that Trump's graphic declaring that TMTG is going to absorb all of right-wing media into a Voltron of patriotism is premature?

Fark user imageView Full Size
 
2021-10-22 12:26:28 PM  

inglixthemad: Yeah, SPACs are interesting monsters. You buy SPAC stock, or directly help fund a SPAC if you're big enough, and then they go find a merger target. I can't blame the person for bailing, because that is liable to do worse than ME stock.


Is this like VC lite?  Where you've got a bunch of cash, want to gamble with it, and seek out a new SPAC whose principals have a track record of making a quick buck for the SPAC investors?
 
2021-10-22 12:26:50 PM  
Sadly, many of our oligarchs are very right wing, so while this guy pulled out there will be more than enough shiatbags with cash to take his place.
 
2021-10-22 12:27:01 PM  

MrBallou: Come on, guys, don't be so cynical. I believe Trump truly wants a vanity news platform that will praise him 24/7.

Unfortunately, he's so completely incompetent that this one will fare no better than his last couple of attempts. It will be populated with no one but RWNJ MAGA idiots who will turn it into a Nazi forum in a matter of hours.

Worse, Trump will put some brown-nosed toady in charge who is as crooked as he is and the whole thing will tank before it gets off the ground.


I just realized Alex Jones is more competent than Trump. He can successfully run a Trump propaganda media outlet.
 
2021-10-22 12:27:09 PM  
Poor TFG...


Fark user imageView Full Size
 
2021-10-22 12:27:31 PM  

red230: [i.imgur.com image 599x448]


His blackjack dealers will mark the cards.

His hookers will all have the clap cuz he's too cheap to pay doctors for ho checkups.
 
2021-10-22 12:29:29 PM  
Pump and Dump is all the TwoDumpChump knows
 
2021-10-22 12:31:23 PM  

Martian_Astronomer:

[Fark user image 850x510]



BUT BUT BUT WE ARE BEING SILENCED!!

ALL OVER EVERY SINGLE NEWS VENUE IN THE UNITED STATES who loudly report on poor oppressed censored us and our even louder doings DAAAAILY!!

Waah.
 
2021-10-22 12:31:42 PM  

valkore: So uh, how the hell does a SPAC arrangement work with investors?  What are they told?  "Give us a bunch of money for us to do something with, can't tell ya exactly what yet we're gonna do with it, but uh, you'll be getting massive returns, just you wait!"


Pretty much. You dump a bunch of money into a pile and the power players go find a company to buy or merge with and promise to run things well.

They could merge with Walmart or they could merge with Honest Dave's Used Buy Here Pay Here. You as an investor don't know and you don't get to know via accounting disclosures like you'd get for a real IPO.
 
2021-10-22 12:31:57 PM  
That's some fine due diligence there, Lou.
 
2021-10-22 12:32:06 PM  
They're already making the same mistakes that have rendered the other half dozen or so conservative social media sites boring wastelands with little to no traffic.

They go in to this openly stating they want to throttle membership numbers by only allowing a small subset of the population to join. Once they do get members of that subset, there's nothing there to keep them hooked. They all come to the realization that they're all sharing the same links and saying the same things over and over, it's farking boring.

Since this is a money making scheme, they'll probably announce membership fees soon. Then we can add it to the pile of failed trump ventures.
 
2021-10-22 12:33:16 PM  
This thing is going bonkers with the Wall Street Bets clowns looking to get in on the grift.

Even though they hate me and everybody like me and are clearly investing in Stigginit, I still feel bad for the retail investors who are stupid enough to put money in this monstrosity.  

I guess by this point if you still don't understand Trump is a conman you sort of deserve what you get.
 
2021-10-22 12:34:25 PM  
Fark user imageView Full Size
 
2021-10-22 12:34:39 PM  

WriteInCandidate: When can we start short-selling?


Good luck finding a counterparty.
 
2021-10-22 12:35:41 PM  

Martian_Astronomer: What, are you saying that Trump's graphic declaring that TMTG is going to absorb all of right-wing media into a Voltron of patriotism is premature?


It's much more Sex Ed: Rightwing media outlets will bore themselves into the TRUTH egg, with the fastest one impregnating it.

/And that's where Hitler clones come from
 
2021-10-22 12:35:46 PM  
Not sure what the plans are for his "Stigginit to Big Tech"

What language are you going to develop it in that's not developed by big tech?  Brainfark?
What hosting company that's not big tech?  GriftHost4u.ru?
App distribution?  free install disc with purchase of MyPillow?
And don't even get me started on TCP/IP packets!
 
2021-10-22 12:36:18 PM  
If you are a businessman who enters into a business venture only to find out later Donald Trump is involved in it, stop calling yourself a businessman because you are not.
 
2021-10-22 12:36:51 PM  

bostonguy: Sounds like the whole thing is a pump-and-dump grifter scheme.


But enough about Ivanka doing a Hitler on TFG.
 
2021-10-22 12:37:27 PM  

valkore: inglixthemad: Yeah, SPACs are interesting monsters. You buy SPAC stock, or directly help fund a SPAC if you're big enough, and then they go find a merger target. I can't blame the person for bailing, because that is liable to do worse than ME stock.

Is this like VC lite?  Where you've got a bunch of cash, want to gamble with it, and seek out a new SPAC whose principals have a track record of making a quick buck for the SPAC investors?


Kind of like VC, but a bit more on the "make it easier to go public" with an (in theory) active business with actual sales / product / track record. More than a few of my SPAC's have worked out, but they've gotten dodgier as the better acquisition targets have already merged with other SPACs so I've gotten less in the current year.
 
2021-10-22 12:38:20 PM  
Fark user imageView Full Size
 
2021-10-22 12:42:52 PM  

BMFPitt: WriteInCandidate: When can we start short-selling?

Good luck finding a counterparty.


Reminds me of the film "Butch Cassidy and the Sundance Kid":

Butch Cassidy: [to Sundance, upon being challenged to a knife fight by the massive Logan] "Maybe there's a way to make a profit from this... [sighs] bet on Logan."

"The Sundance Kid: "I would, but who'd bet on you?"
 
2021-10-22 12:43:43 PM  

MrBallou: Come on, guys, don't be so cynical. I believe Trump truly wants a vanity news platform that will praise him 24/7.

Unfortunately, he's so completely incompetent that this one will fare no better than his last couple of attempts. It will be populated with no one but RWNJ MAGA idiots who will turn it into a Nazi forum in a matter of hours.

Worse, Trump will put some brown-nosed toady in charge who is as crooked as he is and the whole thing will tank before it gets off the ground.


Now, now.  They can be helpful and provide factual information at times.

I remember when a Farker screenshot the dozens of threads on Reaganbook discussing which tourist destinations had the lowest age of consent laws.

Good times.
 
2021-10-22 12:44:00 PM  
NGL I wanna see this TMTG get off the ground, generate a lot of excitement, complete just enough of the required processes to legitimately exist, and successfully bring in a multitude of investors ... then fail spectacularly within a month, Trump and kin getting paid handsomely, and investors end up holding worthless paper.

Because this is what will happen. And everyone should know this by now.
 
2021-10-22 12:44:47 PM  
investors are starting to pull out because they had no idea Trump was involved with the site their identities would be exposedwhen they invested

FTFY
 
2021-10-22 12:45:31 PM  
Well, duh.

abc.net.auView Full Size
 
2021-10-22 12:47:30 PM  

bostonguy: How much had their investment's value gone up when they bailed?

Sounds like the whole thing is a pump-and-dump grifter scheme.


It's Trump, everything he has ever done in his entire worthless life has been a grifting scheme of one variety or another.
 
2021-10-22 12:48:19 PM  

AtomPeepers: Psychopusher: a.k.a. Disgracebook, a.k.a. Shiatter, a.k.a. Instagrift...

This will go every bit as well as his casino, his steaks, and his university.

Never forget Trump bankrupted a casino!!!'

How does that even work?!!


He was in charge, so he made sure the casino licensed from him the right to use his name and trademark in exchange for astronomical mounts of money. He made out like a bandit while the business he was in charge of went down like a lawn dart.  Pretty much his whole M.O.
 
2021-10-22 12:48:50 PM  
cancel culture
 
2021-10-22 12:52:16 PM  
Well they will come crawling back when he gobbles up FB, Twitter, Google and Apple. I bet he is plotting his petty revenge against all of them now.
 
2021-10-22 12:53:47 PM  

red230: [i.imgur.com image 599x448]


He paid one $130,000 , married one , and broke casinos playing Blackjack ..
 
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