Last Week Tonight's John Oliver explained how Truth Social Meme stock is a reverse GameStop.
After the two Trumpers explained why they wouldn't buy DJT stock, Oliver said:
You have to love the man. But in a sense they are right. Truth Social is basically a meme stock right now. And its price rose based on the same principles as meme stocks like GameStop and AMC. If enough investors buy the stock, the stock price will rise, and everyone can somehow escape the bubble before it bursts.
But while the GameStop movement was, at least nominally, about taking financial power away from the fucking rich assholes and giving it back to the little guys, this movement was about giving the little guys money directly to the fucking rich assholes. The purpose is to inject. *There is a hole. And just like any other meme stock, there are social media posts like „If you like America, buy DJT now'' and my personal favorite, „Keep calm and buy more DJT.'' has been pushed just like any other meme stock. It promotes stocks along with a sparkly, eagle-shaped erection, which makes sense, I guess.
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Truth Social is like a penis in a way, in that a lot of sad men on the internet spend their time lying about how big it is and what it can do to you. Look, no one knows exactly where this is going to go. Truth Social's value could collapse when people realize they've poured billions into a potato with the word social media on it.
However, if that happens, I suspect Trump will already have the cash and his supporters will be left holding the bag. But it's also possible that Trump will become president again and hold on to his platform as a convenient way for corporations and foreign interests to line his pockets, and that everyone knows what he needs. I know it's there.
But the bottom line is that this year, more than ever, everything Trump does is about making money. This year brought one of the few times he actually received a commission. He must pay the price for his actions, and he has already made others pay.
video:
https://www.youtube.com/watch?v=G3WI4veDDZ8
True social is a scam. It's an empty company that doesn't produce anything and doesn't publish data on the number of users on its site. Everything about Truth Social is a red flag. Oliver was right. This will likely end up with President Trump spending cash and leaving his supporters penniless and holding their bags.
It's a movie we've watched over and over again. Trump skates away, but his dastardly supporters are left holding the bag, picking up the pieces. As long as people try to bail out Trump with their own money, he will continue to grieve for profit.
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Jason is the editor-in-chief. He is a White House correspondent and Congressional Correspondent for PoliticusUSA. Jason holds a bachelor's degree in political science. His graduate work focused on public policy and specialized in social reform movements.
Awards and professional membership
Member of the Society of Professional Journalists and the American Political Science Association