Finally turning into a true life Elmer Gantry
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I was going to post about that.
He's only promoting it because he's got a cameo in it. Some kind of cuddly animal in the book of revelations.Comment
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Do we know if he has the $175m for the bond?
If he doesn't, it's top quality trolling from the appeals court,Comment
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No one knows if he has it, if he is willing to post the cash if he does, or if he can obtain a bond if he can't/is unwilling to do soComment
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His bastard media company seems to have done well on its stock market debut.Comment
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It doesn't matter. It is a meme stock.Comment
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And if Trump sells any of his stake the value drops dramatically, I assume?Comment
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Well, exactly. There is a massive amount of stock in the hands of Trump and other assorted folk. I can't imagine there is the billions of dollars of institutional support necessary to maintain this long term. Look at Gamestop, AMC - it can only hold so long and they were significantly more liquid. I would guess about 75% of this remains in the C-suite.
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I was just looking at an article on this. A value of $9 billion off nine month revenues of $3.3 million. A price-sales ratio over 2000. Apparently Gamestop peaked at a ratio of 8. I'm no economist, but that appears divorced from reailty by orders of magnitude even compared to other meme stocks. I wonder how it compares to some of those dotcom bubble companies.Comment
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I think he's barred from doing so for six months anyway.Originally posted by San Bernardhinault View PostComment
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But the board - who are all his friends - can vote to change the rules any time they want.Originally posted by Eggchaser View Post
If his shares were sellable and he wanted to sell, he could. (Also, ff his shares had actual value that financial people believed in, he could also use them as collateral on a bond).Comment
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There wasn't a contractual lockup as part of the IPO?Comment
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From what I read elsewhere, there was the possibility of an end run around the 6 month lock up. But I can't remember my source now so view this with a degree of skepticism.Comment
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On the collateral point, I remain unconvinced that any financial institution would give him a bond or loan secured by the shares.
They are poorer security than the real estate.Comment
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Totally agree on that. Nobody is going to consider his shares as having their paper value. Whether it's selling them directly or using them to get a loan/Comment
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Took me a while to understand that first sentence until I realised it was a Gridiron reference.Originally posted by San Bernardhinault View PostComment
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An exception being made to the 6 month rule was stated as a possibility in a NYT article A week or so ago.Originally posted by San Bernardhinault View PostComment
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The banking counterparties can always waive the lockup.
They virtually never do.
How much he could sell without completely tanking the price is a separate and very relevant question.
The headline focus on the market cap is both embarrassingly mindless and pernicious.Comment
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Truth Social down 23 percent so far today
https://twitter.com/mattsheffield/status/1774838547390116231?s=12&t=xvOireV8JOIS_CpbTtDBow
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It is still at least $40 to high.Comment
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Yeah, it's hard to believe this move is based on fundamentals, because if the price was based on fundamentals, it would be zero or close to it.Comment
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You are all just haters
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All the smart money is heading to Fisker…Comment
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He got a non-Elmo fanboy to post the bond.
A subprime car loan tycoon who has already funded him to the tune of a couple hundred million
https://twitter.com/lawofruby/status/1774961626346655748?s=12&t=xvOireV8JOIS_CpbTtDBow
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