Trump’s base got CONNED

Trump’s stocks and crypto schemes crashed despite the hype

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I warned you. Repeatedly.

We went through the numbers. We looked at the financials. We examined the so-called “investment opportunities” tied to the Trump family, from Trump Media & Technology Group to the meme coins branded with Trump’s and Melania’s names. And the conclusion was always the same: this would be a terrible investment.

Now we’re in December 2025, about eleven months into Trump’s second term, and the market, the same free market Trump and his supporters claim to worship, has delivered its verdict.

The results are not just bad. They are catastrophic.

The Market Has Spoken

According to a Wall Street Journal report, shares of Trump Media and Technology Group are down roughly 75 percent since Inauguration Day.

If you put $10,000 into that stock, you’re now sitting on about $2,500. That is a $7,500 loss. You can write it off on your taxes, but you still lost the money.

And that’s actually the best-case scenario.

The meme coins are far worse. Melania Coin is down about 99 percent. Not “down a lot.” Not “struggling.” Essentially gone.

So what happened?

The answer is not complicated.

The Greater Fool Theory, Trump Edition

The best explanation here is the greater fool theory.

The greater fool theory says you don’t buy something because it has intrinsic value. You don’t buy it because the company makes money, or because there’s a real product or service, or because the fundamentals are strong. You buy it because you believe you can later sell it to someone even more gullible than you are.

That is the Trump financial ecosystem in a nutshell.

DJT stock. Trump Coin. Melania Coin. World Liberty Financial crypto. All of it. This wasn’t about revenue, earnings, or growth. It was about hype and loyalty.

And yes, some people made money. The people who got in early did very well. The coins pumped, and then they dumped. The early players cashed out.

Everyone else was left holding the bag.

A Shared Delusion With a Ticker Symbol

If you want proof this was detached from reality, look at the valuation.

Trump Media & Technology Group was trading at roughly 1,240 times annual revenue. Not earnings. Revenue. For comparison, a high-growth company might trade at 30 times earnings. Trump’s company was trading at more than a thousand times revenue.

That only works if you believe the price will keep rising no matter what. And the only way it keeps rising is if new buyers keep showing up.

That’s the conveyor belt. Early buyers need later buyers. When the supply of later buyers dries up, the bubble bursts.

And who was supposed to be the last group of buyers?

Trump’s loyal base.

The people who were told this was a way to support the president and get rich. The people who could least afford to lose money, but were encouraged to treat political loyalty as an investment strategy.

The Irony Is Hard to Miss

We were told Trump’s return would usher in economic freedom. A booming market. Financial empowerment for regular people.

Instead, what we’ve mostly seen is a series of vehicles designed to enrich the Trump family while transferring risk to supporters.

Zoom out and it gets even uglier.

Trump’s broader economic agenda has been dominated by tariffs and instability, policies that inject uncertainty into markets and actively repel serious long-term investors. At the same time, assets like gold have surged. Gold crossed $4,000 an ounce and is up dramatically this year.

I’m not a gold guy, but that movement tells you something. Investors are hedging against deficits, dollar risk, and turbulence. In other words, they’re reacting to the chaos Trump’s policies create.

While that’s happening, Trump-branded financial products have wiped out people who never should have been anywhere near them.

This Was Predictable

None of this is mysterious.

The numbers were clear. The structure was clear. The incentives were obvious. We said buyer beware. Over and over again.

And now a lot of people have lost money they couldn’t afford to lose, not because they misunderstood a complex financial product, but because they trusted a brand built on grievance, loyalty, and spectacle instead of value.

So the remaining question is not whether this was a disaster. That part is settled.

The question is whether this was simply the greater fool theory playing out in real time, or whether there are deeper financial crimes buried under the wreckage.

That’s the part worth watching next.

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