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

“To the extent it makes any money, the revenue number, the amount of money this company makes, is $4 million,” CNBC’s Andrew Ross Sorkin said. “That’s it. That’s all this company makes and it’s being valued in the billions of dollars, literally something like 2,000 times the revenue number. And then the whole thing is absurd. Why the SEC does not think there’s some kind of stock manipulation going on, by the way, but clearly this is one of these almost meme-like stocks where there’s clearly a group of people that are trying to push up the price to almost transfer money potentially to the former president.”

The stock went down almost $4 billion as of Tuesday, CBS News reported.

“Any other social media platform that went public has a real business, has product innovations. This is nothing,” MSNBC host Stephanie Ruhle said. “All this is is Donald Trump posting. And so you’ve got … that whole kind of Wall Street Bets, Trump loyalist[s] … saying I’m going to take this thing to the moon. But the other group that could be more dangerous, what an unbelievable transfer of money, right? Unofficial payments, unregulated, almost political donations that nobody’s going to track. And that’s when people are looking at the SEC saying, are you kidding me?”

Sorkin renewed his call for the SEC to look into the stock and suggested investors in it are attempting to sway the election to Trump.

“That’s why I said, where’s the SEC in this?” he said. “Because this is one of those true manipulations of sorts … People have trying to push up the price almost like in a pyramid-like way to try to get money to the president to try to, effectively, influence the outcome of the election. Why nobody’s going, what is going on here, makes no sense.”