Donald Trump’s social media company, Trump Media, which operates the Truth Social platform, has outsourced jobs to workers in Mexico, contradicting Trump’s rhetoric against outsourcing. This revelation has sparked discord within the company, prompting a whistleblower letter on behalf of staff members calling for the dismissal of CEO Devin Nunes for “severe” mismanagement and implementing an “America Last” hiring policy. The company’s use of foreign labor has particularly frustrated the domestic workforce who allege that the Mexican workers lack the necessary technical skills. Despite criticisms for offshoring work, a Trump Media spokesperson dismissed the issue as a sensational scandal aimed at discrediting the company. Trump Media has previously also been reported to have source labor in the Balkans.
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Shares in Donald Trump’s social media outlet, Trump Media, have lost about 41% of their value in just three days, based on slowing expectations about the former president’s re-election prospects. The shares, which trade under the ticker “DJT”, have become a barometer of how traders think the presidential election will turn out. The company’s shares, which quadrupled in value between 23 September and Tuesday’s closing bell, from $10.3bn to $5.9bn, have been extraordinarily volatile all year. Despite a relatively tiny user base, at one point Trump Media was briefly worth more than Twitter. George Kailas, CEO of Prospero.ai, explained that this is typical behaviour for a meme stock.
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I have been closely following the recent news about Trump Media shares being halted after a sudden plunge in the DJT stock. It’s not surprising to see such drastic fluctuations in the market, especially when it comes to a company with questionable financials and motives. The fact that the stock has been on a rollercoaster ride, soaring from less than $13 to over $30 in just a few weeks, raises a lot of red flags.
The skepticism surrounding the company’s profitability and Trump’s intentions with his millions of shares add to the uncertainty. It’s clear that the stock exists as a means to funnel money to Trump without directly giving it to him.… Continue reading
John Q. Hosedrinker