Biden's dig at Trump Media stock plummet draws laughs from crowd

After a brutal couple of weeks for the former president's

media

company on the

stock

market, Trump Media announced today that they are going into streaming. That didn't help at all. Shares of Truth Social's embattled parent company fell more than 14% today, its second straight day of double-digit losses. It has now

plummet

ed more than 70% from its all-time high. Just last month, President Biden noted a dip in today's election campaign. You know, I have to say that if Trump's actions in a truly social partnership, his company falls further, he could do better with my tax plan than his board of directors.

I'm joined now by Pulitzer Prize-winning investigative journalist David Cay Johnston. He has covered Donald Trump for more than 30 years. He's fine. So why are

stock

s falling so quickly? Because the company only had 4 million dollars in revenue and lost 58 million dollars. And Donald has announced that he plans to sell millions of additional shares to raise capital. It is called irrigation broth. It's like when a bar puts water in the gin bottle. So who benefits? I mean, can Donald Trump come out of this with a hell of a lot more money and also get sober? Can you go out?

Well, he can't sell his shares. What he can do is pledge them for a loan. So let's say you get 50% of its value and the stock eventually drops to zero, which in all likelihood will happen, your bank shorts the stock that they can cover from it when the stock drops, they will get all the money back and the The state lent him 50% of its value. They double your money minus your costs. And Donald, the loan that he took out will be paid off when the deal closes. So the only people who are going to lose here are people like Marjorie Taylor GREENE, who to show their support for Donald bought the shares and are holding on to them.

Alright. There was a gentleman written about in The Washington Post who invested, I think, something like $25,000 in stocks and is watching them

plummet

. But he sticks with it. What is it about Donald Trump, the person who has always promoted himself as a great businessman, but who has also been bankrupt several times? What is it about Donald Donald being the biggest con man in the history of the world and convincing people of things that aren't true and that they shouldn't believe are true? And just one small point, Donald personally never filed for bankruptcy. Good. His casino company submitted four applications.

They pushed him towards the door. They filed for bankruptcy twice more and shut Trump down. But everything Donald Trump touches as a business ends up failing. He is not a businessman. He is a cash extractor. And his name has been used. I know people by his name or put him in his buildings. So running for president, of course, isn't cheap. Trump faces all of these civil penalties in two separate civil trials. If the appeals don't go his way, he will have to pay a huge amount of money. And now he has all these other trials, criminal trials coming up, one of which has already started with jury selection.

You know, Trump is so good because you've covered him for 30 years. Is this the hardest time this man has been through so far? But everything is going to get much worse. Donald is not a strong internal person. If he sees that he is going to go to jail, even for a couple of days, because he cannot behave in court, he will have a hard time, a very hard time. Well, David Cay Johnston, I know you're a great author. You're a Pulitzer Prize winner. I apreciate it. It's a pleasure to sit next to you on this. Excellent.

Thank you so much. I appreciate it.