Jim Cramer Urges Trump To Play Pump & Dump
A telling little clip from Mediate, where TV financial pundit Jim Cramer is basically urging Trump to cash in his chips, relinquish control or at least partial control and get a big fat payday. In theory, that sounds like sound advice. One small problem with that is what he's advocating is not technically legal. Trump would have to get special permission to do that as lock-up restrictions for six months prevent him from selling or borrowing against his shareholding.
How a company that brought in just $4.6mil in revenue over the last year can get a starting valuation of $6 billion (and is currently over $9 billion) is one of life's mysteries. Meme stock, indeed.
Source: Mediate
CNBC host Jim Cramer was stunned by the rise in Trump Media stock and said former President Donald Trump should ask the company to allow him to sell some shares despite a lockup provision preventing him from doing so.
The newly-merged Trump Media and Technology (DJT) company began trading on the NASDAQ stock exchange, and immediately shot up in initial trading. But Trump is prevented from selling until six months after the stock began trading due to his contract.