Candace Owens Out at The Daily Wire, Plus the Former President's Sham Windfall

By Dustin Rowles | Social Media | March 22, 2024 |

By Dustin Rowles | Social Media | March 22, 2024 |

There are a lot of headlines this morning reporting that Donald Trump’s social media service, Truth Social, is poised to go public, which will net the former President a $3 billion windfall. Maybe? Probably? It’s capitalism at its messiest. Basically, a shell company was formed (a SPAC) that is merging with Truth Social for the specific purpose of taking Truth Social public. This merger allows Truth Social to essentially bypass all the rules and regulations of a traditional initial public offering.

The insane part is this: Truth Social will apparently be valued at $6 billion. Trump owns half the stock, so he would net $3 billion from the deal. But how is Truth Social valued at $6 billion if the company only had $3 million in revenue last year with losses of nearly $50 million?

That’s the thing: A stock is worth what the public will pay for it. It doesn’t have to be connected to the actual value of the company. In this case, the value is $6 billion because that’s what they expect the public to pay. By the “public,” they mean rabid Trump supporters or foreign investors who want to use this IPO to funnel money to Trump in exchange for influence, should he be elected in 2024. It’s a meme stock, like GameStop. And it’s legal. I don’t understand why it’s legal, but it’s legal. But eventually, the buyers will be stuck with a largely worthless stock. That will probably happen when Trump passes away. He’s a 78-year-old man clearly suffering from dementia, so good luck!

The only catch is that Trump is not allowed to sell shares of his stock for six months. Will a meme stock divorced from the reality of its value still be worth that much in six months? Probably? We live in a messed-up country where the “economically marginalized” blue-collar working class wants to give their hard-earned money to Donald Trump to support a political movement clinging to the remaining vestiges of white supremacy. There’s not a lot we can do about it except point out the hypocrisy of Trump supporters railing against elitism while enriching an increasingly demented billionaire, which they will ignore.

Elsewhere, Candace Owens has been fired from Ben Shapiro’s The Daily Wire. There are no good guys here. The ouster follows months of friction between the two over Israel that pitted the warmongering, pro-Israel evangelical wing of the Republican party against the antisemitic evangelical wing of the Republican party. I’m not saying that it’s antisemitic to oppose the actions of Israel in Gaza, but I am saying it’s antisemitic to defend Kanye West’s antisemitic rants and like posts on Twitter that suggest that rabbis drink the blood of Christians.

I guess the Republicans have a political problem with Israel, too. You can’t support Netanyahu’s war in Gaza and Nazis at the same time. You gotta choose! Nazis? Or the Israeli government?