An MSNBC panel recently expressed worry over the stock garnered by former President Donald Trump’s social media platform, Truth Social, urging an investigation by the U.S. Securities and Exchange Commission (SEC).
The Daily Caller reported that Truth Social’s stock increased dramatically in its first official trading days after shareholders approved a merger, leading Trump’s net worth to skyrocket.
Given as such, the MSNBC panel claimed there could be “manipulation” of the stock’s value and called for the SEC to investigate the matter, warning of political ramifications.
‘Where’s The SEC?’: MSNBC Panel Melts Down Over Trump Truth Social Stock, Calls For Investigation https://t.co/LNv1OrROBz
— Daily Caller (@DailyCaller) April 2, 2024
CNBC host Andrew Ross Sorkin, who participated in the panel, argued that Truth Social’s stock was manipulated.
“To the extent it makes any money, the revenue number, the amount of money this company makes, is $4 million,” Sorkin said. “That’s it. That’s all this company makes and it’s being valued in the billions of dollars, literally something like 2,000 times the revenue number.
“And then the whole thing is absurd. Why the SEC does not think there’s some kind of stock manipulation going on, by the way, but clearly this is one of these almost meme-like stocks where there’s clearly a group of people that are trying to push up the price to almost transfer money potentially to the former president,” Sorkin added.
CBS News reported that the stock decreased by nearly $4 billion as of April 2, 2024.
Another panelist, MSNBC host Stephanie Ruhle, said, “Any other social media platform that went public has a real business, has product innovations. This is nothing.”
Following Ruhle’s comments, Sorkin renewed his call for the SEC to investigate Truth Social’s stock, suggesting that investors of the social media company are trying to sway the forthcoming presidential election to Trump.
“That’s why I said, where’s the SEC in this?” Sorkin said. “Because this is one of those true manipulations of sorts … People have trying to push up the price almost like in a pyramid-like ay to try to get money to the president to try to, effectively, influence the outcome of the election.”
Truth Social was launched in February 2022 — a year after the former president was barred from social media companies over his alleged role in the Jan. 6, 2021, Capitol protests.
