On Tuesday, a panel discussion on MSNBC’s “Morning Joe” demanded that the Securities and Exchange Commission (SEC) begin to investigate former President Trump over his Truth Social stock or his massive gains when the company went public.
In the first few days after Truth Social went public, the stock surged on the market which increased the net worth of former President Trump by billions of dollars. Of course, MSNBC couldn’t handle that a company Trump founded was worth so much and questioned that the stocks value must have been manipulated somehow, calling for the SEC to investigate.
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Andrew Ross Sorkin from CNBC said on the panel, “To the extent it makes any money, the revenue number, the amount of money this company makes, is $4 million. That’s it. That’s all this company makes and it’s being valued in the billions of dollars, literally something like 2,000 times the revenue number. And then the whole thing is absurd. Why the SEC does not think there’s some kind of stock manipulation going on, by the way, but clearly this is one of these almost meme-like stocks where there’s clearly a group of people that are trying to push up the price to almost transfer money potentially to the former president.”
The MSNBC host Stephanie Ruble asserted, “Any other social media platform that went public has a real business, has product innovations. This is nothing. All this is is Donald Trump posting. And so you’ve got … that whole kind of Wall Street Bets, Trump loyalist[s] … saying I’m going to take this thing to the moon. But the other group that could be more dangerous, what an unbelievable transfer of money, right? Unofficial payments, unregulated, almost political donations that nobody’s going to track. And that’s when people are looking at the SEC saying, are you kidding me?”
Sorkin believes that the SEC must investigate the stock because of the political implications. “That’s why I said, where’s the SEC in this? Because this is one of those true manipulations of sorts … People are trying to push up the price almost like in a pyramid-like way to try to get money to the president to try to influence the outcome of the election. Why nobody’s going, what is going on here, makes no sense.”