April 2, 2023

META MIND: Trump once again takes credit for something he had nothing to do with

META MIND: Trump once again takes credit for something he had nothing to do with

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Donald Trump has a history of taking credit for things he had nothing to do: contracts he did not negotiate, walls he didn’t build, the raising of his daughter Tiffany, and much, much more.

Most famously, of course, he has continued to claim that he is a successful businessman, though his taxes and his history of failed enterprises indicate very much the opposite.

Now the former president is taking credit for a stock bump for social media platforms.

Facebook parent company Meta saw its stock jump over 20% on Thursday.

Meta had had a bit of a rough 2022: Facebook even had to cut 11,000 jobs this past November.

In its latest required filing, the company reported that revenues and daily active users were pretty much in line with expectations, and the adjusted earnings per share, or EPS, missed completely, coming out at $1.76 as opposed to the expected $2.26.

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Expected revenues for the first quarter of this year were also almost exactly in line with predictions.

So why did the stock jump?

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Well, the company promised to consolidate, repurchasing $40 billion worth of shares. Investors also appear to be reacting to the corporation’s promise to keep things tight and manageable, hoping for more cost-saving measures.

CEO Mark Zuckerberg has promised that 2023 will be a “year of efficiency,” and that’s what buyers want to hear.

But Donald Trump divined another reason for the stock price rise: him.

He posted this message on True Sociopaths (ahem – sorry – Truth Social) this morning:

The rise in Meta stock, of course, has absolutely nothing to do with the former guy: the stock is recovering from a massive drop due to its terrible 2022 and investors are looking forward to the promised reorganization.

Also, though Trump has recently been allowed back on Facebook, everyone knew this was coming and no one is expecting it to grow the daily active users in any considerable way.

The stock rise started three months ago, around the same time as the layoffs. Trump hasn’t posted anything on Facebook in that time.

It’s also worth noting that the major jump came on Thursday, long after Facebook had already announced that Trump would be allowed to return.

If Trump’s return made such a difference, why didn’t the bump come with the announcement?

As for Twitter, which Elon Musk has taken private, it has invited Trump back, but he is yet to return due to his contractual commitments to Truth Social.

Speaking of which, Truth Social has been bleeding money for a long time now, and, as we’ve detailed before, lacks both major advertisers and investors.

And so I’m going to shock you, dear reader: Trump lied.

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He had about as much to do with Meta’s stock price as I had to do with sales of Beyonce’s last album (Hey B – call me when you can).

In other words: nada, nothing, zilch, zero, and zippo.

Which is a good thing.

Because we all know Trump has the magic touch when it comes to turning things into shit.

Help Ross go after Trump and all the other low-lifes by clicking on @RossRosenfeld to follow him on Twitter.

Ross Rosenfeld

is a news analysis and opinion writer whose work has also appeared in the New York Daily News and Newsweek. He lives in New York.

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