- cross-posted to:
- politics
- cross-posted to:
- politics
cross-posted from: https://lemmy.ml/post/13470219
Trump Is in Line for a $3.5 Billion Windfall From Stake in Truth Social
If the SPAC is approved this week, he could potentially use the stock as collateral to get a bond and avoid having properties seized or declaring bankruptcy by next week’s deadline.
That values Truth Social at $6 billion. Reddit’s IPO valued it at $6.4 billion.
Even if $6B is what is implied by whatever is happening, you need a buyer who is willing to pay Trump that valuation 6 months after the acquisition. Just no way it can stand up to that valuation, it does not have the users for it. 2 million active users to Reddits 500 million.
Not to mention…who wants to buy it? I mean, the selling point there is basically Trump, for Trump fans, right? So if Trump exits, what’s the appeal?
I mean, nobody’s going to Reddit because they want to read spez’s comments. If spez leaves, it’s not a big deal. But I don’t think that Truth Social is in that position.
googles
https://en.wikipedia.org/wiki/Truth_Social
It looks like it’s basically a custom Mastodon frontend:
The source is already available, too. So you’re really just buying the userbase.
I just can’t see it making a lot of sense for a buyer. It probably has a non-zero value, but I have a hard time believing that it’s worth all that much.