Following Truth Social’s turbulent debut and subsequent plummet in stock value from an initial $8 billion valuation, the news rapidly circulated, igniting amusement among keen observers. Initially soaring to $70 per share, potentially boosting Trump’s wealth by $3 billion, the stock’s trajectory soon faced skepticism.
University of Florida’s finance professor, Jay Ritter, foresaw a downturn, possibly dipping below $2 a share, attributed to the precarious underpinnings of Truth Social’s business approach.
This predicament, amusingly termed as a potential “Trump and dump” scenario, highlighted the challenge faced by Trump due to contractual restrictions preventing him from selling his shares immediately. This situation invited comparisons to the notorious “pump and dump” scheme but with a twist unique to Trump’s circumstances.
Donald J Trump (Credits: CNN)
Despite the financial turmoil, Trump’s frustration manifested in less-than-presidential ways, reminiscent of the rumors involving his penchant for expressing displeasure quite vividly.
Meanwhile, Trump sought to deflect responsibility through litigation against co-founders Wes Moss and Andy Litinsky, blaming them for Truth Social’s less-than-stellar performance despite their efforts that made Trump wealthier on paper.
This episode emulates Trump’s broader pattern of discarding loyalists once they’ve served their purpose. This is seen in his verbal support for January 6 insurrectionists, whom he praises publicly but fails to support materially despite facing legal and financial hardships. Similarly, Tyler Vogel’s arrest for threatening public officials in defense of Trump underscores the tragic extent of some supporters’ misguided loyalty.
Donald J. Trump (Credits: The Guardian)
Mike Lindell, CEO of MyPillow, represents another casualty of Trump’s unreciprocated loyalty; having invested heavily in efforts to overturn the 2020 election results only to face severe financial and legal repercussions like many who have aligned themselves closely with Trump, Lindell’s downfall highlights the personal and economic risks of such an association.
Kari Lake’s retreat in the face of defamation litigation further exemplifies the hollowness of MAGA bravado when confronted with the reality of legal accountability. Despite previous assertions of victory, the stark prospect of undeniable evidence and financial judgments has led to a quieter stance, at least in the legal arena, though the rhetoric elsewhere remains undiminished.
This pattern of behavior raises questions about the loyalty Trump commands and the fate that befalls those who find themselves trapped by his influence. While Trump may dodge personal repercussions due to his wealth and status, his supporters, allies, and even enemies often face the consequences of their association with or opposition to him.
It seems that loyalty to Trump often leads not to shared privilege but to a precarious position under the proverbial bus as Trump maneuvers to maintain his tenuous grasp on power and immunity.
