Rooting for Trump to fail has made his stock shorters millions
NEW YORK (AP) — Rooting for Donald Trump to fail has rarely been this profitable.
Just ask a hardy band of mostly amateur Wall Street investors who have collectively made tens of millions of dollars over the past month by betting that the stock price of his social media business — Truth Social — will keep dropping despite massive buying by Trump loyalists and wild swings that often mirror the candidate’s latest polls, court trials and outbursts on Trump Social itself.
Several of these investors interviewed by The Associated Press say their bearish gambles using “put” options and other trading tools are driven less by their personal feelings about the former president (most don’t like him) than their faith in the woeful underlying financials of a company that made less money last year than the average Wendy’s hamburger franchise.
“This company makes no money. ... It makes no sense,” said Boise, Idaho, ad executive Elle Stange, who estimates she’s made $1,300 betting against Trump Media & Technology stock. “He’s not as great a businessman as he thinks. A lot of his businesses go belly up, quickly.”
Related articles
Europe sees sharp rise in arms imports in 2019
(Xinhua) 09:40, March 12, 2024STOCKHOLM, March 11 (Xinhua) -- Arms imports to Europe surged 94 perce2024-04-26Teenager targeted, run over multiple times, police say
The car that was seized by Waikato police in relation to an incident where a teenage boy was run ove2024-04-26China Philippines South China Sea: Chinese coast guard blasts neighbour's vessels with water cannons
Your web browser is no longer supported. To improve your experience update it here2024-04-26VOX POPULI: Message for this year’s rookie workers: You are an empty glass
Around this time every year, I look forward to Suntory Holdings Ltd.’s newspaper ad.I saw it in the2024-04-26Senior CPC official stresses protection, inheritance of cultural heritage
(Xinhua) 09:55, December 20, 2023Cai Qi, a member of the Standing Committee of the Political Bureau2024-04-26Democracy declines for 20th consecutive year, advocacy group says
Democratic governance declined for the 20th year in a row last year in a region stretching from Cent2024-04-26
atest comment