There’s no denying that scandal-plagued and felony-ridden former President Donald Trump is banking hard on soon being able to cash in big on his Truth Social platform that just recently went public to help him foot his rapidly mounting legal fees and breathe some financial life into his 2024 presidential campaign.
However, according to a bombshell new report from the Associated Press, some of the investors who have been shorting the stock offering from Trump Media & Technology Group, the parent company of the Truth Social platform in which Donald Trump holds a major stake, have admitted that their motives amount to a little bit more than just cashing in as the stock’s value rapidly declines — they’re hoping they can throw one hell of a wrench into Donald’s dreams of a big, fat payday.
The AP conducted interviews with several retail investors who admitted to their hopes that their bets on Donald’s social media company hitting rock bottom would ultimately serve to knock the wind out of his ability to eventually cash in on the company and use that cash to pay his legal fees, pad his campaign, and maintain his billionaire lifestyle when he’s far from an actual billionaire.
NBC News broke reporting last week that executives at Donald’s media tech company are fighting tooth and nail to snuff out short-selling — a tactic in which investors pay brokerage firms fees to temporarily borrow shares of a company with the belief that the shares will soon sink in price, allowing them to then sell the shares back later and pocket the difference.
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This week, the AP spoke with some of those investors who told the publication that Truth Social stock is already in a downward spiral and they’re even more motivated to help the company sink if it helps lead to the financial demise of Donald Trump.
Idaho ad executive Elle Stange told the AP’s Bernard Condon that she’s already seen a $1,300 profit from bets she’s made against the ex-president’s company, stating, “This company makes no money. … It makes no sense. He’s not as great a businessman as he thinks. A lot of his businesses go belly up, quickly.”
The AP report goes on to read, “Several of these investors interviewed by The Associated Press say their bearish gambles using ‘put’ options and other trading tools are driven less by their personal feelings about the former president (most don’t like him) than their faith in the woeful underlying financials of a company that made less money last year than the average Wendy’s hamburger franchise.”
Investor Jeff Cheung said, “This is guaranteed to go to zero.”
These investors have taken into account the lock-up contingency that effectively bans Donald Trump from selling off a single stuck until September and hope to leverage that ban to do as much financial damage to the former president as possible, in that rather short amount of time, while also raking in a handsome profit for themselves off the stock’s volatility.
“Many who spoke to the AP say knowing their bets have helped slash the value of Trump’s 65% stake in half is an added political benefit,” the Associated Press reports. “If some of their predictions are right, they may be able to someday push it to zero, making it impossible for him to tap it to pay his hefty legal bills or finance his GOP presidential campaign.”
You can read the full report here.
Featured image via Political Tribune Gallery
