this post was submitted on 05 Sep 2024
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Unfortunately, Trump will still likely come out much richer than he was before. It's still nice to see.

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[–] bassomitron@lemmy.world 107 points 2 months ago (4 children)

Yeah, it's insane the SEC hasn't already launched an investigation into such an obvious pump and dump scheme.

[–] nondescripthandle@lemmy.dbzer0.com 86 points 2 months ago (2 children)

Musk got away with tons of pump and dumps, SEC seems toothless unless the poor people start investing in things that threaten hedge funds profits.

[–] Gork@lemm.ee 42 points 2 months ago

Nothing shows a healthy system more than blatant, rampant regulatory capture.

[–] argarath@lemmy.world 5 points 2 months ago

That's by design. People with money made sure they wouldn't be touched

[–] fine_sandy_bottom@lemmy.federate.cc 19 points 2 months ago (1 children)

I'm morbidly interested to see what happens.

Everyone knows that firstly it's grossly overvalued, secondly trump wants to sell, and thirdly whether or not Trump wins in November the shares will be worthless.

[–] Hobbes_Dent@lemmy.world 6 points 2 months ago (1 children)

…and thirdly whether or not Trump wins in November the shares will be worthless.

Either it’s a soon a social network based on a former candidate or it’s one that I imagine a president has to distance himself from.

Either way I can see why people don’t want to invest, even the evil greedy unethical ones.

[–] mosiacmango@lemm.ee 16 points 2 months ago* (last edited 2 months ago) (2 children)

it’s one that I imagine a president has to distance himself from.

There is no chance that this happens. He will gladly keep posting insane screeds as president with zero negative effects to his support.

[–] ProfessorProteus@lemmy.world 3 points 2 months ago

Thanks for expanding my vocab! "Screed" is a great word for his insane ramblings.

I'm not so certain.

He's back on twitter, no immediate incentive to posting on truth, why bother.

[–] protist@mander.xyz 13 points 2 months ago (2 children)

Correct me if I'm wrong, but I believe they're already under investigation for breaking the law when the original SPAC openly said they were going to merge with Truth Social when the law says SPACs have to remain agnostic about what companies they may merge with until they do so

[–] HootinNHollerin@lemmy.world 11 points 2 months ago (2 children)

Well they’re taking way too fucking long.

[–] orclev@lemmy.world 6 points 2 months ago (1 children)

They've got to wait long enough for Trump to finish dumping all his stock. Sure he may face a court case about it down the line, but that's nothing new, he'll have already laundered the money by that point and stashed it away somewhere.

[–] swab148@lemm.ee 12 points 2 months ago* (last edited 2 months ago) (1 children)

Gotta check if he's got a banana stand out there

[–] bassomitron@lemmy.world 4 points 2 months ago

It's one banana, how much it could cost? $10?

[–] kent_eh@lemmy.ca 4 points 2 months ago* (last edited 2 months ago)

they’re taking way too fucking long

Properly investigating most crimes, especially financial crimes, takes a lot of time and a lot of resources to get right.

Especially when there are a lot of people involved who are actively trying to hide some of their shady shit.

You want the results of the investigation to be able to withstand the court process and all the challenges the defendant will throw at it.

You don't get a second chance with things like this, you've got to get it right the first time.

[–] MediaSensationalism@lemmy.world 1 points 2 months ago

They were trying to frighten off short sellers. I'm glad I stuck to it.

[–] kent_eh@lemmy.ca 3 points 2 months ago

it's insane the SEC hasn't already launched an investigation

Do they publicly announce the start of investigations?

Most law enforcement agencies don't do that, so the people being investigated don't start interfering with the investigation.