Last Week Tonight’s John Oliver broke down how the Truth Social meme stock is a reverse GameStop.
Oliver said after two Trumpers explained why to but the DJT stock:
You gotta love dudes. Look, in a way, they’re right, though. Truth Social is basically a meme stock now. And its price has risen based on the same principle behind meme stocks like GameStop or AMC. If enough investors buy shares, they can drive the price up, and everyone can somehow get out before the bubble bursts.
But the GameStop movement was at least nominally about wresting financial power away from from s*itty rich a**holes and restoring it to the little guy, whereas this movement is about funneling the little guy’s money directly to the sh*ttiest rich a**hole there is. And it’s been pushed the same way as other meme stocks through social media posts like this one that says, if you love America, buy DJT now, or this one reading, stay calm and buy more DJT, to my personal favorite, this one that promotes the stock alongside an eagle shaped erection that jizzes glitter, which makes sense, I suppose.
To get more stories like this, subscribe to our newsletter The Daily.
Truth Social is kind of like a penis in that a lot of sad men on the internet spend their time lying about how big it is and what it can do for you. Look, who knows exactly where this will go. Truth Social’s value could collapse when people realize they’ve poured billions of dollars into a potato with the word social media painted on it.
Although, if that happens, I’m guessing Trump will have already cashed out, leaving his supporters holding the bag. But it’s also possible that Trump becomes president again and holds onto the platform as a convenient way for companies and foreign interests to funnel money into his pockets, which they all know he needs.
But the bottom line here is this year more than ever, everything Trump does is going to be a cash grab. This year has brought one of the few times he’s actually been asked to. pay the price for his actions, but already he’s got other people footing the bill.
Video:
https://www.youtube.com/watch?v=G3WI4veDDZ8
Truth Social is a con. It is an empty company that produces nothing and won’t release the data on the number of users who on the site. Everything about Truth Social is a red flag. Oliver was right. Where this goes likely involves Trump cashing out and leaving his supporters broke and holding the bag.
It is a movie we have seen over and over again. Trump skates away and his sucker supporters are left holding the bag and picking up the pieces. As long as people are willing to bail Trump out with their own money, he will continue to grift for gain.
A Special Message From PoliticusUSA
If you are in a position to donate purely to help us keep the doors open on PoliticusUSA during what is a critical election year, please do so here.Â
We have been honored to be able to put your interests first for 14 years as we only answer to our readers and we will not compromise on that fundamental, core PoliticusUSA value.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelorâs Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association