Trump Media, which runs the social media platform Truth Social, is now listed on the Nasdaq stock exchange. Barry Diller, the chairman of IAC and Expedia Group and founder of Fox Broadcasting and USA Broadcasting, calls it a scam!
He is right. In fact, it is Donald Trump's biggest scam of his life. He owns 57.3% of the company (about 78.7 million shares. He cannot sell those shares for six months, but if he can keep the stock price up until September, he stands to make billions of dollars when he sees that stock - and you can bet he'll be selling.
He knows it's not a profitable business. Last year the company generated inly $4 million in revenue while losing $58 million. The only reason the stock is selling currently for more than a few pennies is because Trump is pushing it, and many of his followers are stupid enough to buy it.
And those followers will lose a ton of money once Trump cashes out! And Trump doesn't care. He's only doing it to make money for himself - not his supporters!
The SEC is supposed to protect American investors from scams like this. I hope they are paying close attention.
