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Showing Original Post only (View all)Oh, Look! It's A MAGAmerican Who Put All Of His Savings Into Trump's Shitty Media Stock - He Wants To Buy More [View all]
Jerry Dean McLain first bet on former president Donald Trumps Truth Social two years ago, buying into the Trump companys planned merger partner, Digital World Acquisition, at $90 a share. Over time, as the price changed, he kept buying, amassing hundreds of shares for $25,000 pretty much his whole nest egg, he said.
That nest egg has lost about half its value in the past two weeks as Trump Media & Technology Groups share price dropped from $66 after its public debut last month to $32 on Friday. But McLain, 71, who owns a tree-removal service outside Oklahoma City, said hes not worried. If anything, he wants to buy more. I know good and well its in Trumps hands, and hes got plans, he said. I have no doubt its going to explode sometime.
For shareholders like McLain, investing in Truth Social is less a business calculation than a statement of faith in the former president and the business traded under his initials, DJT. Even the companys plunging stock price and the chance their investments could get mostly wiped out doesnt seem to have shaken that faith. The company has lost $3.5 billion in value since its public debut last month.
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But there are also flickers of uncertainty and disenchantment, with some saying they faced thousands of dollars in losses or had risked [literally] everything. One user who had posted Tired of WINNING yet? earlier this year when the stock spiked posted that this weeks losses were painful to stomach. Come on DJT, every time I buy more, the price drops more, the user @bill7718 wrote. When will it be the BOTTOM!! (He posted a chart Thursday showing the stock rising slightly alongside the caption, moving!! The price has since gone back down.) The user @manofpeace123, who said they bought shares at $65 and that 71 percent of their portfolio was DJT stock, said on Wednesday that investing was a way of telling Trump, I believe in you and I stand with you through good times and bad. But a day later, the user added: cant help but feel sad.
feel like Im trying to catch a falling knife.
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https://www.washingtonpost.com/technology/2024/04/14/truth-social-investors-faith-trump/
https://wapo.st/4ayuwJl