this post was submitted on 26 Apr 2024
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Rooting for Donald Trump to fail has rarely been this profitable.

Just ask a hardy band of mostly amateur Wall Street investors who have collectively made tens of millions of dollars over the past month by betting that the stock price of his social media business — Truth Social — will keep dropping despite massive buying by Trump loyalists and wild swings that often mirror the candidate’s latest polls, court trials and outbursts on Truth Social itself.

Several of these investors interviewed by The Associated Press say their bearish gambles using “put” options and other trading tools are driven less by their personal feelings about the former president (most don’t like him) than their faith in the woeful underlying financials of a company that made less money last year than the average Wendy’s hamburger franchise.

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[–] tal@lemmy.today 18 points 2 years ago* (last edited 2 years ago)

Much worse than that. Had less revenue than the average Wendy's hamburger franchise.

https://www.fastcompany.com/91113771/traders-hating-trump-media-making-millions-betting-against-it

It’s all there in the Sarasota, Florida-based company’s 100-page financial report: A firehose of losses, $58 million last year, on minuscule revenue of $4 million from advertising and other sources.

Your average Wendy's hamburger franchise may have more than $4 million in revenue a year, but it definitely isn't losing $58 million a year.