You’d think after a guy who has filed for bankruptcy at least six times, bankrupted a casino during the casino boom, never pays what he owes, people would have enough sense to NOT invest with that grifter.
His followers are exactly the sort of people that I would expect to fall for this.
It wasn’t an investment, at least not in the traditional sense. It was basically a bribe. If he manages to get elected again then they will come to him to to cash in on their ‘investments’.
Like the coal baron Wilbur Ross? The guy that bailed tRump out when he bankrupted a casino during the casino boom? Then ends up being appointed to secretary of commerce?
I’m sure that’s just a coincidence
/s
On Truth Social, retail investors are encouraging each other to keep the faith. “When the whole world is set on ruining you with everything that they have got, it’s a good sign that you are likely on the right side of things,” one person wrote on Thursday.
Completely against rational thought. “If they tell me I’m bad, I must be good.” Sounds just like his supporters.
Later:
Another chimed in: “Not going to be able to sleep tonight. If you stick it out I believe you will be rewarded greatly. I believe God directed me here.”
Completely delusional.
When the whole world is set on ruining you with everything that they have got, it’s a good sign that you are likely on the right side of things,” one person wrote on Thursday.
Its no surprise they’re paraphrasing the bible to try and make themselves feel better.
Delusional bunch of whackos and grifters…
The world was set on ruining Hitler. He must have been all the way on the right side of things.
/s
Biden is responsible for my loss of money because I chose to invest in a stock that was clearly a money grab.
—Republicans
In a not-really-defense of their BS, by investing in DJT they’ve set up their net worth to get absolutely ruined during Biden’s 2nd term.
It would be ruined in Trump’s second term too. No one with real money bought that lie. He’s just making the middle class poor.
I’m trying to assume no 2nd Trump term for my mental health. Also I am, on the admitted basis of no special knowledge, worried that DJT stock is just a way for foreign money to get laundered and thus not subject to normal economics if he is reelected.
You and me both. I can’t do it again. 😩
Biden is responsible for my loss of money
considers
I mean, strictly-speaking, the SEC is kind of responsible for protecting investors against scams.
I don’t know whether Truth Social is actually breaking current SEC rules. But I also think that it’s fair to say that avoiding copycats in the future might be a good idea.
“Just sat down with my broker yesterday and am having him move $10,000 of my Roth IRA, that we had sitting idle for kind of like an extra ‘emergency fund’, into $DJT stocks!”
Three dumb things right here: having that much cash sitting idle in a Roth, paying a broker to purchase stock that you can do on your own for basically free, and putting that much money into such a terrible stock. This person is all kinds of moronic.
Also YOLOing your emergency fund on something even dumber than a meme stock
Three dumb things right here: having that much cash sitting idle in a Roth, paying a broker to purchase stock that you can do on your own for basically free, and putting that much money into such a terrible stock. This person is all kinds of moronic.
I’ve had some comments earlier about how school curriculum in the US – at least when I went through it – didn’t have any personal finance component.
I think that there might be a good argument for doing so.
I’m not saying that it has to cover every financial thing that a person might do, but setting them up from the beginning to have some kind of plan for what’s sensible to do over the course of their life might be a good idea. It’s something that everyone needs to deal with.
The extent of what my K-12 education did from a personal finance standpoint was teach us to write a check and balance a checkbook.
It’s hard to cover everything for a lifetime – policies and the environment and such do change – but I do feel like it’d be possible to produce a considerably-better situation than the current one.
Even if American schools would cover personal finance, it would be useless for people who buy stock for irrational reasons. Nobody professional buys Truth Social stock to make money. They buy it either because they think Trump will somehow make them money (which shows how stupid they are), or just because they “love” Trump.
We went over stocks and taxes in my high school civics class, though I’m not sure how many people actually paid attention to it. If anything, I would say this sort of discrepancy in curriculum between one area and another is a compelling argument for establishing a national curriculum and federal funding of schools in order to wrest control away from backwards politicians that handicap their students in many states.
Set higher standards across the board, eliminate conservative nonsense policies on topics like sex ed, evolution, CRT or whatever new garbage they come up with, and establish federal funding to make it possible, including hard caps on how much of the budget can be used for athletics relative to academics. If your town wants to fund a new super stadium for the high school football team, great, they can levy local taxes or private funding somehow, as long as the actual school budget for spending on academics isn’t impacted.
On Truth Social, retail investors are encouraging each other to keep the faith. “When the whole world is set on ruining you with everything that they have got, it’s a good sign that you are likely on the right side of things,” one person wrote on Thursday.
Well, that’s certainly one investing strategy.
That sounds like quote right off of /r/wallstreetbets
Exact same venn diagram.
Yeah this has been going on for a long old time on /r/dwac_stock. Lots of ‘diamond hands’ buy the dip’ etc… that said I expect a bunch of folk ended up making some decent cash when it went public, but anyone holding now is just asking to be a bagholder.
Whats the GOP equivalent of Diamond Hands?
Bigly hands
“Just sat down with my broker yesterday and am having him move $10,000 of my Roth IRA, that we had sitting idle for kind of like an extra ‘emergency fund’, into $DJT stocks!” one user declared excitedly. “This is the only time I would hope for the price to drop so I can get as many shares as possible!”
This is why we still need Social Security instead of just self directed retirement savings. Roth IRA savings are NOT where you source funds for buying meme stocks. With their mindset this person is going to end up penniless going into retirement, but luckily they’ll have some money from Social Security. They will only have that Social Security money because there was no way for them to touch it.
Unless trump gets elected and actually does torch social security. It would cause untold suffering, but also a fair amount of schadenfreude.
I mean, Roth is just a post tax savings account. It’s not really meant for relying upon in retirement. It’s usually used to save for things like cars or a down payment for a house. Dumping it into stocks seems like a bad idea imo but you can withdraw at any time without penalty so you can spend it on whatever you want.
The nice thing about Roth is that the interest earned can be withdrawn at retirement age but it’s usually very little compared to a traditional IRA or 401k.
You’re trolling me right? Your post is sarcasm?
I mean, Roth is just a post tax savings account. It’s not really meant for relying upon in retirement.
Of course its a retirement account. The word “retirement” is in the name of the account: Roth IRA (Individual Retirement Account).
It’s usually used to save for things like cars or a down payment for a house.
You can withdraw contributions to a Roth IRA, yes, and a house down payment isn’t a bad use for it, but that’s it really. A house is an appreciating asset. It will likely go up in value over time. You shouldn’t be buying cars or anything else with your Roth IRA funds. A car is a depreciating asset. It will only go down in value over time.
Dumping it into stocks seems like a bad idea imo but you can withdraw at any time without penalty so you can spend it on whatever you want.
You can and should invest the funds inside your Roth IRA in stable securities. Boring stuff like “Total Market funds” that has a regular appreciable return. This isn’t where you invest in Gamestop, AMC, or any other volatile stocks.
My post said that it shouldn’t be relied upon in retirement, not that it isn’t a retirement account. If you’re lucky enough to be able to have both a savings account and a Roth, then sure, it doesn’t make sense to use it for a car. But if you need to choose between those two due to low income, it’s absolutely valid to use your Roth as a standard savings account and withdraw for large purchases and emergencies when financing isn’t an option. This is also helpful for people who tend to dip into their savings frivolously and often recommended to low earners as a way to control their finances.
But yeah, if you’re in a conformable place financially then you should absolutely max out your Roth and not touch it. That simply isn’t a reality for most people.
My post said that it shouldn’t be relied upon in retirement, not that it isn’t a retirement account.
Bullshit. You wrote that:
It’s usually used to save for things like cars or a down payment for a house.
While yes, there’s an exception that allows you to use it for a house down payment (one time only, as a first-time buyer), it sure as Hell isn’t meant to be used for “things like cars!”
LOL, get fucked, bagholders.
Ways to increase Truth Social value
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Say Hunter Biden’s information is hidden there.
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Sell nuclear secrets through Truth Social.
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Melania or Ivanka nudez.
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Share more Jeffrey Weinstein photos. Trump already has em.
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The Marjorie Taylor Greene vs Lauren boebert fight
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Have Putin show up to rally the GOP
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Matt Gaetz shares his pedo photos
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No one likes the stock.
Short sellers are all over this. At least reddit has some intrinsic value at $10/share, but truth social is a dog worth 1/5 that.
worth 1/5 that
I don’t claim expertise here, nor have I been trying to read up on it, but I would be far less generous to Truth Social.
Part of the value is the userbase. That value probably grows more-than-linearly with the userbase size, given network effect; that’d favor larger networks.
https://www.searchlogistics.com/learn/statistics/truth-social-statistics/
Truth Social has about 2 million monthly active users.
https://backlinko.com/reddit-users
As of February 2024, Reddit has an estimated 1.2 billion monthly unique visitors.
Part of the value is the software. Reddit’s codebase was written by and is owned by them. Truth Social is modified Mastodon, developed in a much shorter period of time.
You could maybe say that there’s some value to lasting appeal. Reddit – whatever current issues with monetization – has proven itself over quite a period of time. Truth Social is very new. It’s not at all clear how much of the appeal is Trump being on there, whether he will continue to be, or how much his appeal will be.
EDIT: Oh, maybe you meant the individual share price, rather than the market capitalization of the company as a whole. If I misunderstood you, disregard. I don’t know what the situation is there (and I understand that there’s some dilution issue and other things going on, so I’m not sure that I can just look at the outstanding shares count).
Yeah, just share price. I feel it’s a $2 stock, and reddit a $10 stock. Market as a whole will evaluate my opinions by buying or not buying.
I didn’t even know I was sick!
Stay alive! We need you!
