meme stock of the moment: Trump Social. suckers: guess
Matt Levine writes up the quick version: archive.is/CqhKk
Washington Post talks to the “small investors” who Trump and friends are skinning: archive.is/SkiZl needless to say they know The Donald will save them
“This isn’t just another stock to me. … I feel like it was God Almighty that put it in my lap,” he said. “I’ve just got to hold on and let them do their job. If you go on emotion, you’ll get out of this thing the first time it goes down.”
Or I guess a model for a meme stock could go something like this. It starts with a burst of attention: In Trump Media’s case, the stock soared in October 2021, when the special purpose acquisition company first announced (the existence of and) its merger with Trump Media, and then again in January 2024, when the merger looked likely to close, and in March, when it did. And these bursts of attention took Trump Media’s stock price way, way, way, way, way beyond what seemed to be justified by its fundamentals (as a money-losing company with $4 million of revenue). That is sort of the definition of a meme stock.
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