I’m struck this morning by signs of utter economic delusion.
And of course, the SPAC for Trump’s “Truth Social” is soaring:
So this stock went from $9 to $94 in 48 hours not because anyone thought that Truth Social could make a profit—as Levine notes, the company business plan does not even include a dollar sign, anywhere—but because one group of people will buy anything Trump and another group of people knows about the existence of that first group.
This is the rare case where I’m fully prepared to testify to Donald Trump’s business acumen: He’s going to make a killing on Trump social because he has a keen understanding, not of the market, but of the marks.
Jonathan V. Last, Memestocks + SPACs + NFTs = Trump Social