Michael Cohen Shoots Down Hype Over Truth Social Stock
As we already discussed here, Truth Social going public wasn't going to save Trump from financial disaster because his stake will be tied up under a lock-up agreement. As former Trump lawyer and fixer Michael Cohen discussed on MSNBC this Saturday, he may also have trouble finding anyone that wants to take the stock "as an advance for cash."
Here's more from Raw Story: 'It's not worth anything': Former Trump lawyer blows a hole in 'hype' over Truth Social:
Speaking with the hosts, Cohen accused Trump and his close associates of "hyping" up the value of Truth Social where there is none.
"What is the value to it?" he asked. "The fact that they want to make claims that it's worth $4 billion or $5 billion and he has like 85 percent of the stock. Wouldn't that stock be valued based upon its profitability?"
"I understand it has like 15 million users on it," he elaborated. "Compare that to somebody like Taylor Swift who has 120 million followers — 120 million. What is the profitability that they are making the statement that it is worth not just into the millions or the hundreds of millions, but into the billions of dollars? I don't buy it either."
"They are trying to hype up the stock the same way they would do it for Trump Mortgage, Trump University, Trump Vodka, Trump Steaks, Trump this or Trump that — it's not worth anything " he added.