Trump Media shares fall nearly 10% after DJT plunge triggers trading halt
www.cnbc.com
Trading in Trump Media shares was briefly halted due to volatility, after the Truth Social owner's stock suddenly plunged in price.
  • Semi-Hemi-Lemmygod@lemmy.worldEnglish
    971·
    24 hours ago

    This chart looks like it came straight out of an economics textbook with the caption “An example of a dead cat bounce”

    • UnderpantsWeevil@lemmy.worldEnglish
      451·
      22 hours ago

      It’s been on a run over the last month, coming off a $12/share low and screeching towards a $32/share high.

      Movement like this is absurd, given the near nonexistent changes in actual business activity around the equity. Either its being pumped and dumped by speculators or used as a back door around campaign finance donations or who even knows what. But the degree to which the SEC is turning a blind eye on this nonsense is one more data point in the “Rich People Play By Different Rules” connect-the-dots game.

      • Semi-Hemi-Lemmygod@lemmy.worldEnglish
        22·
        22 hours ago

        But the degree to which the SEC is turning a blind eye on this nonsense is one more data point in the “Rich People Play By Different Rules” connect-the-dots game.

        QFT

    • givesomefucks@lemmy.worldEnglish
      769·
      24 hours ago

      It looks like it because the Y axis doesn’t start at zero.

      If it went to zero, then yes that would be a textbook example.

      When we had to print stuff out it could be defended, but even then I’d like it to start at zero and show a break to jump up.

      If being zoomed out to zero means it erases the change being shown, then that matters. Not zeroing the y axis can make anything look crazy.

      I dunno, I’m a stats nerd, I’ll rant about it every time I see it.

      • EatATaco@lemm.eeEnglish
        331·
        23 hours ago

        There is nothing about “the dead cat bounce” that requires it to going to zero, only that it be a long term falling pattern with a brief uptick at some point. . . which we’re arguably seeing today.

        However, the real problem is not so much the Y axis, as this is extremely typical of ticker views, but the X axis, as this is “downward trend” is being viewed over just one day. It hides the fact that the stock is up 50% in in the last month. I doubt Trump is sweating this drop too much.

        We’re once again seeing how easily manipulated lemmy users are, and how little they actually look into anything themselves, or how quickly the rush to conclusions about things they don’t understand.

        • CarbonIceDragon@pawb.social
          16·
          23 hours ago

          Lemmy users are, for a large part, former or concurrent Reddit users who did not like some action or another taken by the corporate administration of that platform, it would be a mistake to assume that they are somehow less liable to manipulation or jumping to conclusions that users of other social media merely on account of a somewhat anti corporate slant

          • EatATaco@lemm.eeEnglish
            62·
            22 hours ago

            While I absolutely agree, I find the “average poster” here to be at least as gullible as the average redditor. But not quite as bad as the “average /r/conspiracy” poster, but getting pretty close. My experience seems to be the more adamant people are about their beliefs, the more open they are to confirmation bias.

        • GreyEyedGhost@lemmy.ca
          1·
          19 hours ago

          This was kind of my opinion. I don’t pretend to know a lot about stocks, but when I look at a 1Y view and see the stock had doubled, and like you said a 50% increase in the last month, this looks less dramatic. I don’t doubt it has something to do with a negative reaction to his latest rally, but I’d wait at least a day or two before I assumed this was a major setback for his stocks. Obviously, I’m not day trader material.

        • givesomefucks@lemmy.worldEnglish
          24·
          22 hours ago

          I know it seems pedantic, but I think it’s rise in use especially with stock prices has a large effect in people’s minds and has helped usher in the stock culture where numbers must always go up and any dip is death.

          Like, you know those studies about how language shapes people’s minds and more communal languages lead to people who often think of others and prioritizes the group?

          I think y axis graphs not starting at zero is leading to decades of financial analysts obsessed with the most minute changes and drastically over reacting to anything that happens, even if stepping back to a 0 Y graph the change wouldn’t even be noticeable.

          Obviously I’m not mad you linked it, it gave me a chance to vent about this stupid graph.

          I’m pissed CNBC is doing it, they have people that know better but this graph is more sensationalized so that’s what they ran with.

          The thing is this shit has real life consequences and our economy is fundamentally built on people’s opinions. If people get scared of investing in general because of zoomed in graphs and panic sell, it could domino into an actual crash.

          Like, you ever have one of those days where you think Nero was smart for just kicking back and watching the show and Cassandra was the crazy one because she never stopped trying to explain what she thought was obvious?

    • Snot Flickerman@lemmy.blahaj.zoneEnglish
      211·
      24 hours ago

      The amount of things happening around Trump that are “literally textbook” examples of the worst things to do and what not to do is honestly staggering.

  • paf0@lemmy.worldOPEnglish
    782·
    24 hours ago

    I bet Trump sold. He said he wouldn’t, so he probably did.

    • AbidanYre@lemmy.worldEnglish
      241·
      23 hours ago

      84 million shares had traded hands by 3:18 p.m. — multiple times the company’s 30-day average trading volume

      Sure looks like it.

    • Zachariah@lemmy.world
      15·
      22 hours ago

      Trump … said he wouldn’t, so he probably did.

      You could post this comment all day long, every day.

    • GroundedGator@lemmy.world
      2·
      15 hours ago

      He is an officer of the company and the majority stakeholder. He’s legally required to file with the SEC. If that has happened it would be huge news on every outlet.

    • iAmTheTot@sh.itjust.works
      7·
      23 hours ago

      I remember reading there was a period of time where he was legally not allowed to sell his shares. Has that time elapsed?

      • mosiacmango@lemm.ee
        8·
        22 hours ago

        Yes. That was mid september. The actual “founders” sold within days, but this transaction is about a month later.

    • givesomefucks@lemmy.worldEnglish
      124·
      24 hours ago

      Nah, as much as he has it would have cratered the price, especially because everyone around him would dump immediately.

      This is just someone trying to beat it, and trump is likely furious.

      If he was cashing out, and he’d have pulled everything at once.

  • thisorthatorwhatever@lemmy.world
    37·
    22 hours ago

    In a years time, will learn that rich billionaires like Elon Musk are propping up this stock. Think of all the speculators playing this stock because it’s so volatile.

  • Funderpants @lemmy.ca
    481·
    24 hours ago

    Maybe it was watching their chief asset waving back and forth for 39 straight minutes instead of answering questions.

    • elliot_crane@lemmy.world
      29·
      23 hours ago

      You’re not wrong, but a part of me can’t help but think some other bombshell is going to drop soon. If someone (or multiple someones) had enough shares to move the price in a way that resulted in a trading halt, in my mind they’re more likely insiders. Assuming that people in his orbit would 100% engage in insider trading, I’m thinking they know something that’s not public information yet.

      • cheese_greater@lemmy.world
        31·
        22 hours ago

        I can barely contain my excitement about all the shit about to go down in terms or leaks like his call with Putler. ALL of tea 'bout to be shared

        He’s about to be grabbed by the Puts’ tea

  • kandoh@reddthat.com
    9·
    21 hours ago

    I’m wondering if I’m brave enough to buy puts on this stock. If he loses its sure to crash to near zero, I could be set for life