Several amateur Wall Street investors have made tens of millions of dollars by betting that the stock price will keep dropping.

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 Truth 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.

  • thisorthatorwhatever@lemmy.world
    11·
    2 months ago

    I don’t think that the Saudi prince or Chinese operative really care how the stock does. The problem is do you think you can short the Middle or China, or do you think that’ll they’ll keep dumping money in…since it’s pennies to them and they earn favor with potentially the next POTUS.