Trump Social stock sinks to IPO level

The floating world of media punditry is learning all about Donald Trump again, from scratch, in stories with headlines like "Why Trump Media stock is subject to extreme turbulence." The Trump Social ticker fell below what it traded at on day 1 and this apparently needs explaining.

Right now, much of the trading activity surrounding the stock reflects investors' attempts to position bets around whether it will continue to fall, Dusaniwsky said in an email.

While some traders are looking to make even more gains from continued price declines, others may be looking to "squeeze" the short positions by betting that something will cause the share price to rise.

"This seems more like the gunfight at the OK Corral, with both sides waiting for the other to act first," Dusaniwsky said.

There's no revenue and it's burning a lot of cash. This isn't unusual in tech, but there's no tech here—Trump Social is just a Trump fan site running on an unfederated mastodon server, with no immediate prospects for growth or profitability. The worst thing about it is experts and pundits talking about it like everyone's playing 4D tech platform chess when they know it's just MAGA blowing its savings on election tulips and various species of vulture wheeling above the money.