‘Where’s The SEC?’: MSNBC Panel Melts Down Over Trump Truth Social Stock, Calls For Investigation

“As far as being profitable, this company is making $4 million in revenue,” CNBC’s Andrew Ross Sorkin said. “That’s it. That’s all this company is making, and it’s worth billions of dollars, literally 2,000 times sales. And it’s all ridiculous. By the way, why the SEC? Don’t you think there’s some sort of price manipulation going on? Obviously this is one of those stocks that’s almost a meme, and there’s clearly a group out there trying to inflate the price in order to send money. .Possibly a former president.”

According to CBS News, the stock price was down nearly $4 billion as of Tuesday. report.

“Other social media platforms that have gone public have real businesses and product innovations. This is nothing,” MSNBC host Stephanie Ruhl said. “This is all a Donald Trump post. So you have…all those kinds of Wall Street bets, Trump supporters.[s] …I’m saying I’m going to take this to the moon. But the other, potentially more dangerous group is sending out incredible amounts of money, right? Informal payments, unregulated, almost political contributions that no one tries to track. That’s when people look at the SEC and say, “Are you kidding me?” ”

Mr. Sorkin renewed his call for the SEC to investigate the stock and suggested that investors in the stock were trying to sway the election to Mr. Trump.

“That’s why I said: Where is the SEC on this issue?” he said. “Because this is one of the kind of true manipulations…people are trying to raise prices in a pyramid-like way in an effort to raise money for the president and effectively influence the outcome of the election.” It just doesn’t make any sense why no one goes and what’s going on here.”