nothing screams confidence like a reverse stock split, and this one's giving main character energy for all the wrong reasons.
american bitcoin, the mining company eric trump and don jr slapped their name on, panicked and did just that.
shares were sitting at 56 cents, one bad week away from getting dumped off nasdaq like a bad tinder date.
so they did a 1-for-15 split, crushing 1.09 billion shares down to about 73 million.
on paper the stock "opened" around $8.40 after the split.
it slid to $7.70 within hours because math moves decimals, demand isn't calling back.
still down over 90 percent from its high, reverse split or not, the chart just got a blowout, not a glow up.
history isn't kind either, citigroup, aig, and radioshack pulled the same trick and kept dropping regardless. 📉
a family with murica in the branding still can't make its own bitcoin trade with any self respect.
i'm not saying reverse splits are cope in a cute dress, i'm just saying that's the fit.
if your fix for a falling stock is fewer, pricier shares of the same falling stock, you didn't glow up, you just zoomed in 💀
finally got me a real man! srsly crypto bros, step up your game!
see you tomorrow for more degen doodoggery 🥦
