The stock scam that is Truth Social took out two investors who have pleaded guilty to insider trading.
Florida venture capitalist Michael Shvartsman and his brother Gerald Shvartsman pleaded guilty on Wednesday to participating in an insider trading scheme linked to the blockbuster deal that brought former President Donald Trump’s social media business public.
Each of the brothers pleaded guilty in New York to one count of securities fraud, which carries a maximum sentence of 20 years in prison, according to federal prosecutors.
Everything about Trump’s Truth Social deal has had the hallmarks of a con with various shady players looking to get their fingers in the pie and grab some cash for themselves.
Anyone who buys stock in Trump Media is probably going to lose their money. The best thing that could happen to the MAGAs who are putting their money into Trump Media would be if Trump chooses to hold on to his shares and not cash out.
As soon as Trump sells, the bottom is going to fall out of the stock, if it doesn’t happen sooner, because the company is a money pit that doesn’t produce anything and won’t even tell investors how many users it has.
The house of cards that is known as Truth Social is starting to topple. It is only a matter how much cash Trump will grift before it all comes falling down on everyone else.
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