“To the extent it makes any money, the revenue number, the amount of money this company makes, is $4 million. That’s it. That’s all this company makes and it’s being valued in the billions of dollars, I mean literally something like 2,000 times the revenue number,” CNBC’s Andrew Ross Sorkin said. “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.”
MSNBC’s Stephanie Ruhle said the stock surge was driven by “that whole kind of Wall Street Bets, Trump loyalists … saying ‘I’m going to take this thing to the moon.’ But the other group that could be more dangerous, what an unbelievable transfer of money, right? Unofficial payments, unregulated, almost political donations that nobody’s going to track. And that’s when people are looking at the SEC saying, ‘Are you kidding me?'”
Sorkin then alleged “this is one of those true manipulations of sorts … People have been trying to push up the price almost like in a pyramid-like way to try to get money to the president to try to, effectively, influence the outcome of the election.”
“And why nobody’s going, ‘What is going on here?’ makes no sense,” Sorkin continued.
The panel discussion was a thinly veiled attempt to encourage the politicization of the SEC to target Trump, evidenced by Sorkin’s hypothesis that the Truth Social stock could “influence the outcome of the election.”