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    Michael Hiltzik: With his Truth Social stock, Trump may be laughing all the way to the bank — but his investors have reason to weep

    by Michael Hiltzik, Los Angeles Times Apr 17, 2024 5 minutes
    Former President Donald Trump speaks to guests at a rally on April 2, 2024, in Green Bay, Wisconsin.

    With their life savings, childrens' college funds and their own retirement prospects at stake, most people probably view investing in stocks as a serious business. Now and then, however, the markets produce comedy gold.

    Hello, Trump Media & Technology Group.

    The owner of Truth Social, a social media platform exclusively hitched to Donald Trump, staged an initial public offering March 26 amid a torrent of speculation over how many billions the IPO would produce for Trump himself. In the event, the figure was a paper gain of about $5 billion for him, virtually pure profit.

    The cult of Trump had sent the shares soaring as high as $79.38 on that first day, valuing the company at about $9.5 billion. By the end of the day it had settled

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