Pump and dump. They sold all those shares to shareholders and they are going to answer to them now. They stopped listening to the users a long time ago. Enshittification is inevitable.
It's already fairly enshittified. The discourse has really gone downhill over the past few years. Remember how good the AMAs used to be? Or the AskReddit threads that were full of interesting stories?
Not mostly, but people are buying Truth Social shares not because they think it's a sound financial decision, but because they support the company. It's meme stock logic.
If a company takes its stock public, the shares sold generate cash which is held by the company selling them, and used to build the business. Nobody who bought them, including the insiders, is really forbidden from selling them (except insofar as insider trading laws apply), but if an insider sells shares this early it indicates a deep distrust by the seller of the underlying value of their own company. Doing so while letting outside investors spin is therefore unethical because it signals that the people who built the company are planning to abandon it and let the stock tank.
See also: lock-up period, which is not required during an IPO (news to me!) but the absence of a lock-up period sure seems like a red flag someone should have noticed. Although, I suppose, many people did.
I remember reading somebody saying they were going to buy it and put a sell order for when it hit 69. Just looked and too bad for them. It seems to have maxed out at 68 dollars.
This only works to fuck short sellers, not people who already have shares. If you buy shares right now, you're not only screwing yourself while the other bag-holders minimize their losses by selling, but keeping the stock overvalued until greedy little pigboy can dump the rest of his stocks.